Minutes of FOMC Meeting, April 30th 2008 |
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• The minutes showed that expectations for 2008 had deteriorated since the previous meeting. Participants lowered their forecast for GDP growth in 2008 while revising up sharply their outlook for inflation • FOMC members expected a recovery in 2009, but admitted that downside risks to the outlook were significant. Risks to growth were linked to the enduring strains in the credit market, while risks to inflation were mainly associated with changing expectations • As long as their new base
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