U.S. Sen. Pete Domenici (R-N.M.), after a private meeting with Federal Reserve Chairman Ben Bernanke, said the central bank chief anticipates signs of a rebound in the housing market by the end of 2008.
Concerns remain that the market downturn will cause an economic recession, which prompted the Fed to cut interest rates recently.
Meanwhile, despite an “unusually uncertain” economic outlook, San Francisco Fed President Janet Yellen says the country will avoid an “outright recession.” A survey of economic forecasters by the Philadelphia Fed indicates slightly less than 50-50 odds of a recession.
Source: Bernanke: Housing Rebound Coming – Investors Business Daily
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