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06 January 2009

Pelosi Re-Elected to Speaker of the House

Congress re-elected Nancy Pelosi as the Speaker of the House.

FOMC saw a "substantial" downside risk to the economy in December when they lowered interest rates to 0%.

Fed sees outlook for the economy "weak for a time" and an appreciable reduction in inflation. In fact they see inflation as "uncomfortably low".

FOMC says balance sheet likely to remain at a high level. Fears prolonged contraction.

Obama said the deficit could reach $1 trillion dollars.

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