Fed Chairman Ben Bernanke announced today at a National Press Club luncheon that the outlook for growth in the United States has suffered further erosion. GDP growth estimate previously ranged between a decline of 0.2% to growth of 1.1% for 2009. However, today Bernanke stated that the Fed expects shrinkage between 0.5% and 1.3%.  Unemployment is now expected to rise to somewhere between 8.5% and 8.8%, compared to previous estimates of  7.1% and 7.6%. Inflation estimates were also adjusted to a range 0.3% tp 1%, compared to an previously expected range betwen 1.3% and 2%. Although the risk of deflation was not addressed, it was stated that "some risk of a protracted period of excessively low inflation" exists. Long term inflation was expected to be between 1.7% and 2%, as it would rise during 2010 concurrent with gdp growth of 2.5% to 3.3%.