Big revisions coming from the FOMC regarding economic projections.
The Fed moves incrementally most of the time, so the real news isn't necessarily the projections they're making, as there are probably more revisions to their projections upcoming, but the size of this revision is very large. The Fed essentially shaved 1 to 1.3% off of GDP projections for 2008, and anywhere from 1.7% to 2.2% off of 2009 GDP projections from the June 2008 projection. That is a huge miss. Huge.
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