Officials from the Federal Reserve’s Open Market Committee, following last month’s substantial cut to interest rates, released minutes today in Washington affirming the risk for a long-term weak economy as being “substantial,” citing risks of possible deflation as a major damage point.

The Federal Open Market Committee, a component of the Federal Reserve responsible for overseeing Open Market Operations - a type of market stabilizing strategy employed by central banks in order to maintain a mostly free economy while still interacting with interest rates, and the money supply through the purchase, sale and availability of government securities.

While the fear of severe recession rises, an interest in the history of recessions and serious depressions has increased significantly, according to a report issued by researchers at a number of universities. One report suggested through search engine keyword analysis that public interest in economics and historical economies has over quadrupled in the last year.

“Rates are going to be low for a long time. They see the economy as extremely weak. It is a dark document.” said the former director of the Federal Reserve’s Division of Monetary Affairs, referring to interest rates and the contents of the minutes released by the FOMC.

The total decline in U.S. employment last year was 2.4 million, compounded by the fall of 500,000 jobs in December, arguably the greatest fall in employment rates since the Great Depression.

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