Fed: US Economy Growing More Slowly Than Expected

Posted June 22nd, 2011 at 1:45 pm (UTC-5)
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Top officials of the U.S. central bank say the economy is growing more slowly than they expected.

Federal Reserve officials say the slower growth is due to temporary problems such as the disruptions caused by Japan's earthquake and an increase in gasoline prices.

The economic assessment comes after two days of consultations among top bank officials and follows several disappointing economic reports.

Fed officials voted to keep interest rates steady in the ultra-low range where they have been for some time.

They also decided to end another program to stimulate the economy by purchasing large quantities of financial assets with the intention of lowering long-term interest rates.

Fed Chairman Ben Bernanke will discuss key economic issues in a meeting with journalists later Wednesday.