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Fed downgrades assessment on economy

3 years 4 months 5 days ago July 31, 2013 Jul 31, 2013 Wednesday, July 31 2013 July 31, 2013 6:40 PM in News
Source: Associated Press
By: Michael Marsh

WASHINGTON- The Federal Reserve says the economy is growing modestly, considered a downgrade from its assessment in June. The Fed expects growth will pick up in the second half of the year and it will keep buying $85-billion a month in bonds to keep long-term interest rates low, in hopes of boosting the economy. It says it also plans to keep its key short-term interest rate at a record low near zero as long as the unemployment rate stays above 6.5% and the inflation outlook remains mild. The unemployment rate is 7.6% and economic growth is considered sluggish. Recent stronger job growth had analysts speculating the Fed could start reducing its bond buying soon.

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