America's economic growth outlook has been cut by the International Monetary Fund.
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America's economic growth outlook has been cut by the International Monetary Fund.
The Government has made spending cuts, but consumers seem still to be going out and buying.
Washington's across-the-board cuts, known as sequestration, only became effective in March because Congress could not agree on an alternative.
However the IMF is now saying this deficit reduction has been "excessively rapid and ill-designed".
According to this latest fund report, America will grow by a sluggish 1.9 per cent this year, and the forecast for next year is down from three to 2.7 per cent.
Meanwhile the Federal Reserve's bond buying program may be cooled.
Markets are looking to next week's Fed meeting and Chairman Ben Bernanke for clues as to his thinking.
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