Philadelphia Federal Reserve cut its U.S. economic growth forecast for the fourth quarter

Market news

17 November 2014

Philadelphia Federal Reserve cut its U.S. economic growth forecast for the fourth quarter

The Philadelphia Federal Reserve released its quarterly survey on Monday. It lowered its fourth quarter forecast for the U.S. economic growth to 2.7% from the previous estimate of 3.1%.

The full-year growth forecast for 2014 was increased to 2.2% from the previous estimate of 2.1 percent due to an improved outlook for the labour market.

The Philadelphia Federal Reserve cut its first-quarter 2015 growth forecast to 2.8% from the estimate of 3.1% in August's survey.

Inflation is expected to be 1.7% in the fourth quarter, down from the previous estimate of 2.1.

Update: European Central Bank (ECB) President Mario Draghi said purchase of government bonds is possible

European Central Bank President Mario Draghi reiterated the central bank is willing to add further stimulus measures if needed

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