FOMC Cuts US Growth Rates for 2012-2014, Raises Jobless Forecasts
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FOMC released central tendency forecasts: four out of 19 Fed officials see the US's benchmark interest rate at 1% or higher in 2013, 11 out of 19 see the rate below 1% in 2014, and 13 out of 19 see no rate increase before 2014.
The Committee also reduced growth estimates:
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The Committee also reduced growth estimates:
- 2012: from 2.4-2.9% in its April forecast to 1.9-2.4%
- 2013: from 2.7-3.1% in April to 2.2-2.8%
- 2014: from 3.1-3.6% to 3.0-3.5%
- at the end of 2012: from 7.8-8.0% to 8-8.2%
- at the end of 2013: from 7.3-7.7% to 7.5-8.0%
- at the end of 2014: from 6.7-7.4% to 7.0-7.7%
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