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MNI: Fed's Williams Expects US Growth To Slow Considerably

(MNI) Washington

New York Fed President John Williams said Friday he's revised down his expectations for U.S. economic growth and now expects the unemployment rate to rise past 4% next year as the central bank remains resolutely focused on restoring price stability.

"I currently expect real GDP growth in the United States to be below one percent this year, and then to rebound slightly to around 1-1/2% next year," he said, a downward revision from comments just last week when he told CNBC that he saw growth in the range of 1-1.5% this year. "With overall growth slowing to below its trend level, I expect the unemployment rate to move up from its very low current level, reaching somewhat above 4% next year."

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New York Fed President John Williams said Friday he's revised down his expectations for U.S. economic growth and now expects the unemployment rate to rise past 4% next year as the central bank remains resolutely focused on restoring price stability.

"I currently expect real GDP growth in the United States to be below one percent this year, and then to rebound slightly to around 1-1/2% next year," he said, a downward revision from comments just last week when he told CNBC that he saw growth in the range of 1-1.5% this year. "With overall growth slowing to below its trend level, I expect the unemployment rate to move up from its very low current level, reaching somewhat above 4% next year."

Keep reading...Show less