NEWS SUMMARY: Fed say economy has slowed

Associated Press Published: August 1, 2012
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SLOW ECONOMY: The Federal Reserve said that the U.S. economy is losing strength with job creation slackening and consumer spending tapering off.

NO POLICY MOVES: Fed Chairman Ben Bernanke and his colleagues offered no new steps to bolster growth at the conclusion of a two-day meeting of the central bank on Wednesday.

FUTURE HELP: The Fed did signal a willingness to provide more support if the economy does not strengthen. Many economists believe the Fed will move at its September meeting to launch another round of bond buying to lower long-term interest rates as a way to bolster economic activity.