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Economic Outlook

Fed Retreat: “Very Serious” and “Gloomy”

Erin McCune

September 3, 2007
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Bloomberg news reports attendees of the Federal Reserve summer retreat in Jackson Hole are feeling pessimistic. Academics and policy makers attended the symposium where the timely topic was housing and monetary policy. At least one attendee expected that their peers would bolster his outlook – in fact the opposite was true.

“I rather expected that I would come out and find that
people weren't quite as gloomy as I was, and I didn't find
that,'' said former Fed Governor Lyle Gramley, now a senior
economic adviser at Stanford Group Co. in Washington. “So it
confirmed my own concerns about the economy.''

Read more:

Bernanke's Pledge Fails to Dispel Pessimism at Jackson Retreat
By John Fraher and Scott Lanman
Bloomberg News
Last Updated: September 3, 2007 00:01 EDT

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