In next downturn, Fed may opt for quick, strong action
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NEW YORK/SAN FRANCISCO (Reuters) - In the next economic downturn, the Federal Reserve and other central banks may need to roll out their big guns sooner and add new bazookas to their recession-fighting arsenals, or risk getting mired in growth-sapping deflation or worse. That was the argument laid out Friday by a group of veteran monetary policy analysts and Federal Reserve Governor Lael Brainard, who called for using old policy tools like forward guidance more aggressively, and adopting new..