Atlanta Fed chief Dennis Lockhart is on the wires and he’s not sugar-coating it. The economy is very weak and though he expects a recovery to begin in the second half of this year, the downside risks are still substantial. Commercial real-estate and global weakness are special risks to the outlook, he says. He adds that banks are not out of the woods in terms of achieving stability. The risk of disinflation outweighs the the risk of inflation, he says while saying neither deflation nor serious inflation are a serious risk at this point.