CNNMoney reports that While the Federal Reserve lowered its
forecast for growth slightly this year, the central bank sees the economy
improving somewhat in 2013. The 19 members of the Federal Open Market Committee predict
the economy will grow only 1.7% to 2% in 2012 -- a weak forecast that led the
Fed to take dramatic action to boost the U.S. economy earlier Thursday. But the central bank sees modest improvement
in growth next year. In 2013, the Fed expects the economy to grow between 2.5%
to 3%.
However, if Congress doesn't address the fiscal cliff -- a
set of drastic spending cuts and tax increases set to take effect at the
beginning of 2013, the impact on the economy could be dire, Fed Chairman Ben Bernanke warned….
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