14:52 ET<\/span><\/span><\/p>\nThe Federal Reserve has cut its growth forecast for the US economy in the face of the impact of higher energy prices.<\/p>\n
It now estimates that the US economy will expand between 2.7% and 2.9% this year, down from its April forecast of 3.1% to 3.3%.<\/p>\n
The US central bank also warned that unemployment would remain stubbornly high throughout 2011.<\/p>\n
Fed chairman Ben Bernanke said higher prices had hit consumer spending, but that they should start to fall.<\/p>\n
Rates held<\/span><\/p>\nMr Bernanke said: “The reduced pace of the recovery partly reflects factors that are likely to be temporary.<\/p>\n
“In particular, consumers’ purchasing power has been damaged by higher food and energy prices. However some moderation in gasoline prices is now a prospect.”<\/p>\n
Mr Bernanke added that the US manufacturing sector, especially the car industry, had also been hit by supply problems due to the aftermath of the Japanese earthquake and tsunami.<\/p>\n
However, he said such supply chain disruptions were “likely to dissipate in coming months”.<\/p>\n
The central bank’s latest economic growth estimate was released after its policy-setting Federal Open Market Committee voted unanimously to keep US interest rates on hold for the 22nd meeting in succession – as had been expected.<\/p>\n
US interest rates have now been between 0% and 0.25% since December 2008 in an effort to boost economic growth.<\/p>\n
The Federal Reserve said rates would probably remain at this level “for an extended period”.<\/p>\n<\/div>\n
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