Fed's Fisher: not sure how deep slowdown will be

MIDLAND, Texas, May 13 (Reuters) - The U.S. economy is currently in a corrective phase that was the result of a "shadow" banking system gone awry, Dallas Federal Reserve President Richard Fisher said on Tuesday.

But he added that while the economic softness could linger for some time, things might not actually get so bad.

"I'm not sure how deep the economic slowdown will be," he said.

(Reporting by Pedro Nicolaci da Costa, Editing by Chizu Nomiyama)