Stewards of the Market by Mitchel Y. Abolafia
Author:Mitchel Y. Abolafia
Language: eng
Format: epub, pdf
Publisher: Harvard University Press
A Fragile Situation: August 2008
By the August 5 meeting, James Bullard was the only remaining proponent of the improvement narrative.
It now appears that the worst quarter associated with the current episode of financial turmoil was probably the fourth quarter of 2007, when the economy abruptly stalled. The slow- or no-growth period was through the winter, with the economy gradually regaining footing through the spring and summer. If there were no further shocks, I would expect the economy to grow at a more rapid rate in the second half of this year.35
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