FINANCIAL TIMES: The US Federal Reserve gave a downbeat assessment of the world’s largest economy on Wednesday, pointing to slower than expected growth and higher inflation.
In the most significant change to its policy statement, the rate-setting Federal Open Market Committee stripped out all reference to “subdued” measures of underlying inflation and said the economy was growing “somewhat more slowly than the committee had expected”…
The Fed cut the centre of its forecast range for 2011 growth from 3.2 to 2.8 per cent. It also trimmed its 2012 forecast from 3.85 to 3.5 per cent… (more)
