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Noting slower economy, Fed appears no closer to a rate hike
AZ Central: WASHINGTON (AP) -- The Federal Reserve downgraded its view of the U.S. economy Wednesday after a winter in which growth nearly froze. The Fed offered no sign that a rate increase might be coming soon.
On a day when the government estimated that the economy barely grew in the January-March quarter, the Fed acknowledged that economic barometers have weakened of late, in part because of temporary factors. It noted in a statement that growth has slowed, business investment has softened and exports have declined.
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