U.S. Fed concerned about weaker pace of recovery

10:27, July 15, 2010      

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A new document released by the U.S. Federal Reserve on Wednesday showed that the central bank was still concerned with the pace of economic recovery and considered taking further monetary stimulus if necessary.

Top officials of the Fed said that they continued to anticipate a "moderate" recovery in economic activity through 2011, supported by accommodative monetary policy.

With risks now growing, Fed officials at their June 22-23 meeting saw the need to explore new options for bolstering the economy. That is a turnaround from earlier this year when they were moving to wind down crisis-era supports.

According to the Federal Open Market Committee (FOMC), the central bank's policy making group which meet eight times a year to set interest rates, the Fed is considering whether to implement further policy stimulus if the outlook is to worsen appreciably.

Fed officials projected economic growth in 2010 would reach 3 to 3.5 percent, lower than in April when the Fed presented a relatively stronger forecast, saying the economy could grow between 3.2 percent and 3.7 percent this year.

The new document showed that Fed officials saw the "economic outlook had softened somewhat."

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