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The US Federal Reserve expects economic recovery to remain sluggish in the coming months. The central bank gave the news at a meeting on Tuesday.
Meanwhile, the Commerce Department says US economic growth was revised downward to an annual rate of 1.6 percent in the quarter ended in June, compared to an initially estimated pace of 2.4 percent. This is the slowest quarterly growth since the economy picked up in the second half of last year.
To prop up a weak recovery, Fed members decided to buy more Treasury securities and keep its holdings of securities unchanged instead of letting it shrink as previously planned.