Fed Reduces Asset Purchases, Lowers Growth Forecast

Fed Reduces Asset Purchases, Lowers Growth Forecast

The Federal Reserve announced another reduction of the monthly asset purchases and also cut its forecast for U.S. economic growth for 2014. The Fed made the announcement following its regular policy-setting meeting that concluded June 18. The monthly purchase of long-term bonds was reduced from $45 billion to $35 billion. Fed policy-makers lowered their forecast of 2014 economic growth from 2.9 percent to a range of between 2.1 and 2.3 percent. “Economic activity will expand at a moderate pace and labor market conditions will continue to improve gradually,” the Fed said in a post-meeting statement. “Household spending appears to be rising moderately and business fixed investment resumed its advance.”

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