Federal Reserve Chairman Ben Bernanke is testifying before the Senate Banking Committee today, and says the Federal Open Market Committee expects the economy to undergo a significant retraction in the first half of 2009, followed by a gradual resumption of growth in the second half.
The FOMC expects real GDP to experience a decline of 1/2 percent to 1 1/4 percent over the four quarters of 2009. For the full text of Bernanke’s testimony, click here.
