Some cautiously optimistic news that we may be past the worst of the economic downturn:
April 1 (Bloomberg) — U.S. Treasury Secretary Timothy Geithner said there are “encouraging signs” that financial markets are recovering and expressed confidence in the response of global policy makers to the crisis.
“You’re seeing encouraging signs of improvement in our markets — we want to reinforce that,” Geithner said today in a Bloomberg Television interview in London. “I’ve never seen this much support around the world.”
Geithner’s remarks reflect the view of some analysts that the worst of the economic downturn may be past, even as some banks are likely to fail and unemployment is set to worsen. The Treasury chief said the main danger is that banks and investors take too little risk and refrain from betting on a recovery.
The Dow closed today up 152 points, or 2%.