Fed's Plosser says U.S. not on verge of recession (by Steve Goldstein)

WASHINGTON (MarketWatch) -- The U.S. is not on the verge of a double-dip recession, Philadelphia Fed President Charles Plosser said Wednesday, according to a text of a speech he's due to deliver. "Many of my business contacts suggest that while growth is very sluggish and uneven, they do not see the precipitous declines that many news accounts would suggest," he said in reiterating his forecast for sub 2% growth this year and around 3% growth in 2012. Plosser said resolution or greater clarity on Europe would be "most helpful" for U.S. and world growth forecasts. Otherwise, Plosser's speech was nearly identical to one he delivered Sept. 29 in which he explained why he voted against both Operation Twist and the pledge to keep rates low through mid-2013 on concerns over both inflation and the central bank's credibility.