THE CUTS BEGIN: IMF Slashes US 2011 GDP Projection

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The IMF just announced a cut to their 2011 GDP outlook for the U.S., reducing their annual growth estimate to 2.8% from 3.0% (via Zero Hedge).Simultaneously, they announced a Japanese GDP cut to 1.4% from 1.6%.

There have been some hints recently that weak durable goods numbers would bring down GDP projections for Q1 2011. Goldman’s Jan Hatzius has also become concerned about the year’s outlook, based on rising oil prices.

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