FOMC said in a statement today at the conclusion of a two-day meeting today, that the committee expects economic growth to remain moderate over coming quarters and then to pick up gradually.
Despite some signs of improvement, the housing sector remains depressed. Unemployment rate had declined but remains elevated. GDP expanded at a 3% annual rate in the fourth quarter but is seen slowing to around a 2.5% pace in the first three months of this year.
Federal Reserve policy makers refrained from new actions to lower borrowing costs & are also holding off on additional steps to boost the economy.
Policy makers repeated their view today, that the borrowing costs are likely to remain exceptionally low at least through late 2014. Strains in global financial markets continue to pose significant downside risks to the economic outlook & there is also a renewed concern over Europe’s fiscal crisis.
At 2 p.m. the Fed will release policy maker’s forecasts for growth, unemployment, inflation, interest rates and the appropriate path of the federal funds rate over the next several years. Chairman Ben S. Bernanke plans to hold a press conference at 2:15 pm to explain the forecasts and the Fed’s statement.
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