Fed Trims Its Forecast for Growth
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Ben S. Bernanke said he expected âmoderateâ growth, but that problems in housing had tempered the forecast.
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Federal Reserve officials believed downside risks to U.S. economic growth had diminished between their May and June meetings, suggesting little likelihood that the current housing market downturn would spark a near-term cut in benchmark U.S. interest rates.
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August producer prices fell sharply and home builders became more worried about their sales outlook, data on Tuesday showed, in a gloomy picture for U.S. growth that the Federal Reserve underlined by slashing interest rates.
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BrazilÂs central bank cut its forecasts for inflation and growth in 2006, indicating that there may be more interest rate cuts this year as price increases stay tame amid an economic slowdown. In its quarterly inflation report, the bank reduced its 2006 inflation forecast to 3.4 percent, from 3.8 percent, while it raised its 2007 projection to 4.3 percent, from 4.2 percent. The bank also reduced its forecast of growth in the gross domestic product for 2006 to 3.5 percent, from 4 percent. ÂThis report indicates more interest rate cuts, not fewer,Â said Guilherme da NÃ³brega, chief economist at the ItaÃº Corretora brokerage in SÃ£o Paulo. ÂIt shows G.D.P. growth is lower than the bank previously expected and so the inflation outlook is calmer.Â.
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Good news on economic growth discourages investors hoping for interest rate cuts.
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Policy makers and Wall Street analysts are being forced to scale back their expectations for growth in the overall economy.
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The Asian Development Bank (ADB) sharply lowered its economic growth forecast for Korea for this year and the next, lowering its outlook from 4.8 percent to 4.4 percent for this year and from 5.2 percent to 3.6 percent for next year.
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The Federal Reserve is expected to cut interest rates by a quarter point Wednesday.
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The European Central Bank will cut  its euro zone economic growth forecasts for the next two years  when official projections are released on Thursday, a monetary  source told Reuters.
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The Federal Reserve is expected to lower interest rates on Wednesday as part of an ongoing aggressive effort to spare the economy from the worst effects of a deep housing slump and credit crunch.
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The Federal Reserve at its May 9 meeting believed that inflation was still the main worry, and felt that risks the U.S. economy would decelerate abruptly had diminished, minutes released on Wednesday show.
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The U.S. Federal Reserve on Tuesday slashed benchmark U.S. interest rates by a half-percentage point in a bold bid to buffer the economy from a housing slump and related financial market turbulence.
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A long period of stasis in Federal  Reserve monetary policy looks certain to end on Tuesday with a  U.S. interest-rate cut, leaving the question of how much  further rates may drop and how fast.
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Federal Reserve  Chairman Ben Bernanke said on Thursday the potential  noninflationary growth rate of the U.S. economy has likely  declined due to slower labor force growth.
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Federal Reserve policy makers are forecasting slower economic growth, higher unemployment and higher inflation.
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The Federal Reserve cut U.S.  interest rates by a hefty half-percentage point on Wednesday as  part of an ongoing aggressive effort to halt a sharp slowdown  in an economy hit by a housing slump and a credit crunch.
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The White House on Tuesday lowered its forecast for U.S. economic growth for this year and next, saying that the economy is moderating.