BREAKING NEWS: Fed Cuts GDP Forecast, Ups Unemployment Expectations

The Federal Reserve on Wednesday lowered its outlook for the country's gross domestic product growth, moving to a range of 1.6-1.7% this year from 2.7-2.9% and to 2.5-2.9% in 2012 from 3.3-3.7%. The central bank also increased its forecast for unemployment for this year and next.

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