Fed's Fisher: Economy Likely Sluggish Until Early 2009

In his speech, Fisher said he was not expecting any imminent improvement in economic growth. It is "likely that our movement through the muck and the flotsam and jetsam of the credit and housing debacle will be sluggish, and it may take some time into 2009 for us to get the economy back up to a snappier cruising speed," he said.

I wonder if there is a "discounting Mechanism" in the market, that will help it look 6-8 months in the future, and account for it.