The Federal Reserve increased its projection of growth this year to between 3.4% and 3.9%, according to the minutes of its January meeting, which were released today.
Originally the central bank had projected growth would be between 3.0% and 3.6%.
The Fed wrote that the changes reflect "greater monetary and fiscal stimulus as well as the effects of more moderate oil prices and long-term interest rates, but they continued to show no more than a gradual economic recovery. The staff again expected that unemployment would rise substantially through the beginning of 2010 before edging down over the remainder of that year."
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Fed officials project that unemployment will be between 8.8% and 9.0% this year.
To read the minutes of the January meeting of the Federal Open Market Committee, go to: http://www.federalreserve.gov/monetarypolicy/files/fomcminutes20110126.pdf
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