http://www.ft.com/cms/s/0/2d9300c0-60a2-11de-aa12-00144feabdc0.html

The US central bank said the recession was easing and noted that energy and commodity prices had increased. But it said “substantial resource slack is likely to dampen cost pressures” and it expected that “inflation will remain subdued for some time”.

slack (商売などの)不景気(の時期)