Yellen Saw Economy at ‘Brink of Recession’ in January 2008

Janet Yellen saw the U.S. economy “at, if not beyond, the brink of recession” in January 2008, differing from the less gloomy view of Federal Reserve staff, according to transcripts of policy meetings released today.

Yellen, president of the San Francisco Fed at the time and now central bank chair, spoke at the January meeting after the Fed staff reported that the economy wasn’t in a recession, though the likelihood of a downturn was increasing.