US Fed Reserve Policy: FOMC doubles US GDP growth projection to 2.1% from 1% for 2023
livemint.comUS Federal Reserve announced its interest rate decision on September 20, after a two-day Federal Open Market Committee (FOMC) meeting and left the benchmark interest rates unchanged at 5.25 per cent - 5.50 per cent. Fed policymakers have raised the US gross domestic product (GDP) projection to 2.1 per cent this year, a notable upgrade from the 1 per cent growth projected in June, and expanding by 1.5 per cent next year.
Fed Chair Jerome Powell-led rate-setting panel also updated members' forecasts for a range of economic indicators, from inflation to growth, as well as expectations of future interest rate policy. FOMC members left the median projection for interest rates at the end of this year between 5.50 and 5.75 percent, keeping the possibility of another quarter percentage point hike before the end of the year to tackle inflation.
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