According to the latest OECD economic outlook report released earlier today, the euro-zone and the U.S. are expected to remain in a technical recession until at least the Q3 of 2009. The OECD sees GDP in the euro-zone contracting 0.5% in Q3 2008, falling 1.0% in the next quarter and continuing to decline until Q3 2009 when it sees a very modest 0.1% rebound. U.S. GDP is expected to have fallen 0.3% in Q3, drop 2.8% in the following quarter and continue declining until Q3 2009 when a rise of 0.6% is forecast. Not surprisingly, given these forecasts, the OECD is calling for additional macro economic stimulus. Regarding inflation, the report says “inflation should continue to ease as economic slack puts downward pressure on prices and if, as assumed, commodity prices maintain their recent lower levels.”