Bernanke Prepares Wyoming Speech as U.S. Economic Prospects Dim

Federal Reserve Chairman Ben S. Bernanke prepared to deliver a speech on the outlook for the U.S. economy as some of the most optimistic forecasters scaled back their projections for growth in the second half.

Stephen Stanley, chief economist at Pierpont Securities LLC in Stamford, Connecticut, now estimates a 2.3 percent rate of expansion this quarter, down from a June forecast of 4.1 percent. Joseph LaVorgna at Deutsche Bank Securities Inc. slashed his estimate to a 2 percent annual pace. As recently as two weeks ago, he projected 4.6 percent.