Fed's Stern: Possible recession an "open question"

ESCANABA, Michigan, Oct 21 (Reuters) - It remains an "open question" as to whether the current financial market shock will push the U.S. economy into a classic recession, Gary Stern, president of the Minneapolis Federal Reserve, said on Tuesday.

Markets will improve "gradually" based on the range of support measures by the Fed, Treasury and global central banks, which Stern termed essential to supporting the broader economy.

"If the government had not intervened, the consequences for the economy would have been very adverse," Stern said while answering questions after a speech to the Bay Area Economic Club in Escanaba, Michigan. (Reporting by Laura Mead in Escanaba, writing by Ros Krasny in Washington; Editing by Leslie Adler)