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Federal Reserve Bank of St. Louis, James Bullard

REUTERS:  Fed officials warn on 'thick fog' ahead for U.S. economy as recovery concerns deepen

James Bullard, the St. Louis Fed president, sounded a somewhat optimistic note, saying his base case is the economy continues to grow in the second half of the year, but still offered caution. “The downside risk is nevertheless substantial, and better execution of a granular, risk-based policy will be critical to keep the economy out of depression,” Bullard said in comments to the Economic Club of New York. He expects Congress by the end of the month to approve a “substantial” new fiscal package to keep households and businesses stable.

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