The International Monetary Fund has cut the US 2022 growth projection to 2.3% from 2.9% in late June, due to revised US data.

Key notes

IMF cuts US 2022 GDP growth projection to 2.3% from 2.9% in late June, due to revised US data.

IMF cuts US 2023 GDP growth projection to 1.0% from 1.7% in late June.

IMF says expects Fed policy actions to slow u.s. consumer spending growth to zero by early 2023, increase unemployment rate to about 5% by end 2023.

IMF directors say passing rest of biden administration reform agenda is crucial to fostering supply side of economy, contributing to lower inflation.