The economic crisis facing the U.S. “is both historic and unprecedented,” creating volatility unseen in this country since the Great Depression and “testing a number of longstanding economic principles,” said Federal Reserve Bank of Cleveland president Sandra Pianalto.

Noting that the downturn has already lasted “longer than the 10-month average of the nation’s post-World War II recessions,” Pianalto said, “The economic news is bleak.”

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