WASHINGTON (AP) -- The Federal Reserve has downgraded its outlook for economic growth this year but is slightly more optimistic about the unemployment rate.
The Fed expects the economy to grow between 2.2 percent and 2.7 percent this year. That's down from November's forecast of between 2.5 percent and 2.9 percent.
But it sees unemployment falling as low as 8.2 percent, an improvement from November's bottom rate of 8.5 percent.
The updated quarterly forecast also shows that some Fed members wanted to extend the period of record-low interest rates beyond 2014.
Earlier Wednesday, the Fed said in its policy statement that it doesn't plan to raise its benchmark interest rate before 2014.
The Fed also offered a firmer target for inflation -- 2 percent -- in a statement of its long-term policy goals.
KKTV firmly believes in freedom of speech for all and we are happy to provide this forum for the community to share opinions and facts. We ask that commenters keep it clean, keep it truthful, stay on topic and be responsible. Comments left here do not necessarily represent the viewpoint of KKTV 11 News.
If you believe that any of the comments on our site are inappropriate or offensive, please tell us by clicking “Report Abuse” and answering the questions that follow. We will review any reported comments promptly.powered by Disqus