A visiting member of the US Federal Reserve believes there is very little likelihood of a recession in America. The president of the Dallas Federal Reserve, Richard Fisher, last night told the annual conference of the Australian Business Economists that it is more likely the US economy will continue expanding at a sustainable pace.
Mr Fisher concedes there is some risk of downward momentum with the housing sector correction having a severe impact on the big population states like Florida and California.
"Yet before each Open Market Committee meeting it's my practice to consult 35 CEOs out of a group of 60 that I regularly consult from around the world," he said.
"With the exception of homebuilders, not a single one of the ones I consulted before the last meeting felt that the economy is at the risk of falling off the table.
"Big builders and engineering firms report a booming domestic infrastructure business." © 2007 Australian Broadcasting Corporation
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