Economists see longest U.S. recession since World War Two

The economists seemed to conclude that government efforts to push down mortgage rates may stall. On average, they expected rates on 30-year conventional mortgages at 5.1 percent at the end of 2009, roughly where they are now.

They forecast that the consumer price index would fall 0.4 percent this year, which would mark the first year-over-year decrease since 1955 and no doubt deepen investors' worries about deflation.

The panellists were split on the outlook for the U.S. dollar, which some economists have warned may be headed for a steep slide this year as the U.S. deficit soars and the Treasury Department issues a record amount of debt.

Nearly 48 percent thought the trade-weighted value of the dollar would end 2009 higher than its current level.

(Editing by Gary Crosse)