It also slashed its estimates for US economic growth this year to a range of
1.9 per cent to 2.4 per cent, down from an April projection of 2.4 per cent
to 2.9 per cent.
It cut forecasts for 2013 and 2014, as well.
Fed officials said they expect the job market to make slower progress than
they did just a couple months ago, with the unemployment rate now seen
hovering above 8 per cent for the remainder of this year. It stood at 8.2
per cent in May.
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