The Federal Reserve on Wednesday
broadly lowered its outlook on the US economy this year, saying growth
and inflation were slowing but the jobs market was expected to keep
improving.
The Federal Open
Market Committee, in a statement following a two-day meeting, said
information since the January meeting suggested "economic growth has
moderated somewhat."
The FOMC
said that the labor market had made gains but inflation had declined
further below its longer-run 2.0 percent target, largely due to falling
energy prices. It held the key federal funds rate at the zero level,
where it has been pegged since December 2008 to underpin the recovery
from the Great Recession.
In
an update of December projections released along with the FOMC
statement, the Fed cut its estimate of 2015 gross domestic product
growth by 0.3 percentage points, to a range between 2.3 percent and 2.8
percent. In 2014, the economy grew 2.4 percent.
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