Fed says economy growing slower than expected
Category: News and Notes- fhuff- 12:58 pm/ June 22, 2011The Federal Reserve said the U.S. economy is growing slower than expected, although the economic recovery is continuing at a moderate pace. The economy is expected to grow 2.7 percent to 2.9 percent this year. It also projecting unemployment to be about 8.6 percent to 8.9 percent by the end of the year.
The Fed said in a statement:
Recent labor market indicators have been weaker than anticipated. The slower pace of the recovery reflects in part factors that are likely to be temporary, including the damping effect of higher food and energy prices on consumer purchasing power and spending as well as supply chain disruptions associated with the tragic events in Japan.
As a result of the economic outlook, the Fed decided to keep the target range for the federal funds rate a 0 to 1/4 percent. The federal funds rate is the interest rate at which institutions such as banks and credit unions lend balances to each other overnight.
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