New York Fed forecasts support continued easing

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The Federal Reserve Bank of New York (New York Fed) today released a summary of its staff's latest forecasts for the US economy, downgrading their expectations for economic growth in 2013 from 3% to 2.5%, due to "fiscal drag" associated with the so-called US sequester, and a ‘fiscal cliff'.

In 2014, the NY Fed staff expect the US economy to grow 3.25%, due to reduced fiscal drag and a reduction in other ‘headwinds', such as the European sovereign debt crisis and the deleveraging of household bal

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