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Fed Lowers Forecasts for Growth, Employment in 2011 and 2012

Federal Reserve officials lowered their forecasts for growth and employment this year and next, underscoring the Federal Open Market Committee’s statement today that the recovery “is continuing at a moderate pace, though somewhat more slowly” than previously expected.

U.S. central bankers also said inflation, excluding food and energy, will be somewhat higher than previously forecast. At a two-day meeting that concluded earlier today in Washington, they said the pace of recovery is likely to “pick up over coming quarters.” Fed Chairman Ben S. Bernanke will hold a press conference at 2:15 p.m. Washington time to discuss the economic outlook and monetary policy.