Most Federal Reserve policymakers agreed last month that they might need to take more action to support growth if the U.S. economy loses momentum.
Minutes of their June meeting released Wednesday show that Fed officials signaled their concern that the struggling U.S. economy could worsen if Congress fails to avert tax hikes and across-the-board spending cuts that kick in at the end of the year. They also expressed worries that Europe’s debt crisis will weigh on U.S. growth. Members said the economy should continue to grow moderately. But the Fed lowered its growth forecast at the meeting.
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