Fed downgrades economic assessment, sees pickup -June-22-2011-

Fed downgrades economic assessment,

sees pickup

June-22-2011--The Federal Reserve on Wednesday cut its forecasts for U.S. economic growth, but offered no hint of further monetary support, saying growth should pick up soon.

In quarterly projections released at the end of a two-day policy meeting, the central bank said the U.S. economy should grow 2.7 to 2.9 percent this year, a forecast that was marked down from a 3.1 to 3.3 percent projection released in April. Chairman of the Federal Reserve Ben Bernanke speaks about fiscal sustainability at the Committee for a Responsible Federal Budget Annual Conference in Washington

US Stocks Slightly Higher Ahead Of Bernanke Press Conference

Fed lets bond-buying stimulus program expire amid weaker economic forecast.

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