Fed's Monetary Policy Report to Congress

The Fed's seminannual report to the American congress, which was released at the start of chairman, Ben Bernanke's testimony on 18 July, paints a rosy picture of the outlook for the world's largest economy.

The American central bank expects real GDP to increase by between 2.25% and 2.5% percent over the four quarters of 2007 and by between 2.25% and 2.75% in 2008.

The Fed also expects the unemployment rate is expected to lie between 4.5% and 4.75% in the fourth quarter of 2007 and to be at about

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