Downplaying the chances of an imminent recession,...

Downplaying the chances of an imminent recession, the president of the Federal Reserve Bank of San Francisco said the key issues for 1989 are whether growth will be balanced and non-inflationary. Robert T. Parry said the federal budget and trade deficits, in addition to the low personal saving rate, provide major challenges to Fed policy-makers striving to promote continued growth and price stability. “As I see it, recession is not an issue we will have to face in the immediate future,” he said.