The financial sector is facing its greatest challenges since the 1930s, “and we really don’t know how many more chapters remain in this drama,” Federal Reserve Bank of Cleveland president Sandra Pianalto said yesterday.

Economic data confirms the nation is in the midst of a severe recession that has lasted longer than the average of 10 months seen in other post-World War II recessions, Pianalto told the Regional Growth Partnership in Toledo, Ohio, according to prepared text of her remarks released by the Fed.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.