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“The minutes of the US Federal Open Market Committee (FOMC) released Wednesday reveal a very negative outlook,” Jagannadham Thunuguntla, head of the capital markets arm of India’s fourth largest share brokerage firm, the SMC Group told IANS.
They reveal that the members of the key policy making committee of the US central bank, the Federal Reserve Bank think that the US economy will end the current calendar year with a growth of 0 to 0.2 percent down from the earlier expectation of 1.5 percent, he said.
Similarly, the FOMC members think that there will be negative growth of 1 to 2.2 percent in the next calendar year. This means the current recession is likely to be a long drawn one, and the market is naturally very nervous, he said.