Economists warn against more Fed action

Economists in AP survey say time, not more action by the Fed, is best prescription

Paul Wiseman, AP Economics Writer, On Monday June 13, 2011, 3:00 pm EDT

WASHINGTON (AP) -- The best cure for the economy now is time.

That's the overwhelming opinion of leading economists in a new Associated Press survey. They say the Federal Reserve shouldn't bother trying to stimulate the economy -- and could actually do damage if it did.

The economists are lowering their forecasts for job creation and economic growth for the rest of this year, mainly because of high oil prices. A batch of bleak data over the past month has suggested that the 2-year-old economic recovery is slowing.

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