No end in sight to bad news from America

The flood of bad economic news in the US continues, with the Federal Reserve downgrading its growth forecast for next year to a range of 1.6 to 2.5 per cent.

24th November, 2007

The flood of bad economic news in the US continues, with the Federal Reserve downgrading its growth forecast for next year to a range of 1.6 to 2.5 per cent.

The Fed’s top 19 officials warned that their predictions might still prove overoptimistic, as the consequences of the turmoil in the credit markets continue to be felt.

‘‘Most participants viewed the risks to their GDP projections as weighted to the downside,” the Fed said, warning that...

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