Dennis Lockhart was not leading any pep rallies Monday.
Lockhart, president and chief executive officer of the Federal Reserve Bank of Atlanta, speaking in Nashville on Monday, forecast “an anemic recovery in the medium term.”
“Current economic conditions are mixed at best, but the economy appears to be in stabilization mode,” he said. “Stabilization necessarily precedes recovery. A recovery has not yet taken hold but should begin before too long.”
He expressed concern that commercial real estate will continue to cause problems in the Southeast.
“The financial sector remains in a fragile state,” Lockhart said. “So far this year, 57 U.S. banks have failed, including 13 in the Southeast. Banks in this region suffer from overconcentration of loans backed by residential and commercial real estate.”