FED: THE UNEMPLOYMENT RATE IS GOING TO BE BETTER THAN WE THOUGHT

The Federal Reserve has just concluded its Federal Open Market Committee (FOMC) meeting.

They also just published an update to its economic forecasts.

The good news is that they just lowered their unemployment rate forecasts.  Here’s a round up:

Unemployment rate 2013: 7.3-7.5 per cent, down from 7.4-7.7 per cent

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“The combination of the statement and the Committee economic forecasts (both released at 2pm) may send mixed signals: on the one hand the statement will likely note the improved tone of recent economic data, on the other hand the forecast for growth this year may be revised down a touch as Committee participants incorporate the sequester into their outlook,” said JP Morgan’s Michael Feroli in a note before the announcement.

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