You ain't seen nothing yet
The process of reducing the rich world’s debt burden has barely begun
FOR Federal Reserve officials, marking down America's economic outlook has become a depressing routine. A year ago they projected growth of about 4% this year and next. By last month they had chipped those numbers down to 2.8% this year and 3.5% next. “We don't have a precise read on why this slower pace of growth is persisting,” said Ben Bernanke, the chairman. But he ventured that “balance-sheets and deleveraging issues” may be stronger headwinds than expected.
This article appeared in the Finance & economics section of the print edition under the headline "You ain't seen nothing yet"
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