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Dallas Fed president Fisher says the Fed;s action stopped the US from falling into depression and it has pulled the economy back from the abyss. Green shoots are not sprouting like kudzu.

Recovery will be a very slow slog, he says and there is no reason unemployment won’t rise above 10%. Inflation pressures are meek and price pressures are on the deflationary side. Until the output gap narrows, inflation likely won’t raise its ugly head, Fisher said.

Fisher is generally on the hawkish side, so these remarks indicate he still has a great deal of concern that the recovery will be less than robust.