The FOMC also predicted that economic activity will likely be weak for some time, though it noted that financial markets have generally improved and that consumer spending is stabilizing.

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But they are likely to remain weak, disorganised and prone to desertions and infiltration.

ECONOMIST: The calm before the storm | The

Jonathan Loynes of Capital Economics said the broad-based decline in output signified that the economy was likely to be weak for some time.

BBC: Biggest spending drop since 1980