June 17, 2011, 4:41 p.m. EDT
Fed set to cut growth forecast during meeting
By Steve Goldstein, MarketWatch
WASHINGTON (MarketWatch) — When it comes to economic growth forecasts, the Federal Reserve, on paper, is as bullish as they come.
That’s less because the economists at the central bank are pollyannaish — they may be — but more a function of the infrequency of their updates.
The Fed’s view from April that the U.S. economy will grow between 3.1% and 3.3% is higher than all 51 economists polled in the early June edition of Blue Chip Economic Indicators, where the average growth rate was projected at 2.6%.
So when the Fed unveils its quarterly growth, inflation, and unemployment forecast on Wednesday, along with an interest rate decision, it’s more than likely to be projecting a slower pace of activity.
Full story: http://www.marketwatch.com/story/fed-set-to-cut-growth-forecast-during-meeting-2011-06-17
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