April 8 (Bloomberg) -- Federal Reserve officials anticipated that the economy will shrink in the first half of the year, with some concerned about ``a prolonged and severe economic downturn,'' as they cut interest rates last month.
``Many participants thought some contraction in economic activity in the first half of 2008 now appeared likely,'' the Fed said in minutes of the March 18 Federal Open Market Committee meeting released in Washington today.
Source: Bloomberg
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