The U.S. economy is in recession and it will be more than just a “garden variety” downturn, with the scope and timing depending on how well the financial markets rebound, according to Federal Reserve Bank of Cleveland president Sandra Pianalto.

“Collectively, the information I have been looking at tells me that the economy is now in a recession, although the National Bureau of Economic Research, the referee in such matters, has yet to call one,” Pianalto told the City Club of Cleveland Friday, according to a prepared text of her remarks released by the Fed.

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