Fed sees slower growth, higher unemployment

[Pale Blue Dot]

Source: MSNBC

WASHINGTON - The Federal Reserve on Wednesday sharply lowered its projection for the U.S. economic growth this year, citing blows from the housing and credit debacles along with zooming energy prices. It also expects higher unemployment and inflation.

Even with the more downbeat outlook, Fed officials left the impression that they would not be inclined to cut interest rates further. The decision at the Fed's last meeting on April 29-30 to reduce rates was a "close call," according to minutes of those private deliberations released Wednesday.

The Fed hopes that its series of powerful rate cuts ordered since last September and the government's $168 billion stimulus package of tax rebates for people and tax breaks for businesses would help energize growth somewhat in the second half of this year.



Read more: http://www.msnbc.msn.com/id/24760610/

[kestrel91316]

1. Fed removes cotton from nostrils, smells coffee.

[fascisthunter]

2. I See a Fed that Needs Lot's of Cleaning Up

oh.... the debt?


Those pilfering the nation will have to pay it all back, the people shouldn't have to. Enjoy....

[hatrack]

3. Fed pulls head out of own ass

Thanks, Chairman Obvious!

:silly: