URGENT ¥¥¥ Fed trims US GDP outlook, sees lower unemployment

The Federal Reserve trimmed its 2013 and 2014 economic growth forecasts for the US economy on Wednesday but improved its outlook for unemployment.

The Fed put the likely pace of growth this year at 2.3-2.8 percent, and 2.9-3.4 percent in 2014, but said unemployment could fall by the end of next year to as low as 6.7 percent.