Likelihood is "econ activity will fall short of potential for a time."
Details Fed-Tsy steps to date, Fed has the tools; says "Stabilization
of the financial mkts is a critical first step, but even if they
stabilize as we hope they will, broader economic recovery will not
happen right away." Says econ trajectory depends on mkts returning to
more normal functioning. Worries about recently elevated inflation but
says it will fall due to falling import prices.