Fed lowers US growth projections for 2014, 2015

Breaking News March 20, 2014 00:00

WASHINGTON - The Federal Reserve cut back its US economic growth forecasts for this year and next on Wednesday, but said the unemployment rate would fall faster than it forecast in December.

The Fed said the economy was expected to grow 2.8-3.0 per cent in 2014 and 3.0-3.2 per cent in 2015, while unemployment would drop to 6.1-6.3 per cent this year and below 6.0 per cent in 2015.

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