Overall economic activity weakened across all Federal Reserve districts since the last report

—Beige Book

We are looking at an economy that is not only in a recession, but a recession that is deepening rapidly

—Former Fed Governor Lyle Gramley

We are in the middle of the worst quarter. Right now, we are looking for a pretty sharp decline in the fourth quarter, a little less sharp decline in the first quarter and then hopefully things will improve after that.

—St. Louis Fed President James Bullard