Fed Sees Slower Economic Growth

— The Federal Reserve released a new economic forecast that anticipates economic growth will slow sharply next year. Though it says unemployment and inflation will only rise slightly. Although the report doesn't use the word recession, that's probably what it will feel like to most people. It also seems to have lowered the economy's long-term potential growth rate, to 2.5 percent instead of 3 percent a year. The report is based the predictions of different Fed officials. The Fed did not say whether it would cut interest rates again when it meets next month.

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