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A press conference by Federal Reserve Chairman Ben Bernanke is seen on a television on the floor of the New York Stock Exchange, March 20, 2013. The Federal Reserve on Wednesday pressed forward with its aggressive efforts to stimulate the U.S. economy, saying it would take into account risks posed by its policies but also how much work still needs to be done to lower unemployment.
A press conference by Federal Reserve Chairman Ben Bernanke is seen on a television on the floor of the New York Stock Exchange, March 20, 2013. The Federal Reserve on Wednesday pressed forward with its aggressive efforts to stimulate the U.S. economy, saying it would take into account risks posed by its policies but also how much work still needs to be done to lower unemployment.
(Brendan McDermid/Reuters)

SEAN SILCOFF

The Great Frustration: why bleak GDP forecasts remain the reality

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And so the Great Frustration continues. That is the term that Australia’s central bank governor, Glenn Stevens, has applied to the prolonged period of sluggish growth coming out of the 2008-09 “Great Recession,” and one can’t help but think we won’t see the end of it any time soon given the latest pronouncement from the U.S. Federal Reserve.