San Francisco Federal Reserve Bank president Janet Yellen expressed hope that the recession will come to an end in the second half of this year with the help of aggressive monetary and fiscal stimulus, among other factors, but predicted a “frustratingly tepid” recovery will keep the unemployment rate high through next year.

Yellen, a voting member of the policymaking Federal Open Market Committee in 2009, downplayed inflation fears, saying deflation is more likely, though not a “severe bout” of it.

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