FOMC predicts U.S. economic growth to gradually pick up

Posted On: April 25, 2012
The nation hosting the globe's largest economy will see development and growth slowly pick up the pace, according to policy makers with the central bank.

Bloomberg reports the U.S. Federal Reserve wrapped up a two-day summit and the body will not implement economy-spurring measures at this time. The Federal Open Market Committee, the policy-making arm of the central bank, stopped short of committing to lowering borrowing costs and purchasing debt by citing some upgrades with the national economy. However, the Fed also noted additional sectors where improvement is necessary.

"The committee expects economic growth to remain moderate over coming quarters and then to pick up gradually," according to an FOMC statement released when the meeting adjourned on Wednesday. "Despite some signs of improvement, the housing sector remains depressed."

The body noted the nation's unemployment rate is not falling as quickly as it would prefer and that interest rates will stay low through much of 2014.

The Associated Press reports the U.S. Federal Reserve forecasts the nation's economy to develop as much as 2.9 percent for the remainder of this year. In January, the Fed's prediction climbed as high as 2.7 percent.

Category: Industry News

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