RJ and Makay

The Federal Reserve has markedly raised expectations for growth in the U.S. economy, but isn't at all pleased with the unemployment picture. The Fed reported today that it thinks the gross domestic product (GDP) will grow by 3.4% to 3.9% for all of 2011, up from its previous forecast of 3% to 3.6% in November.

However, the Fed's unemployment outlook for 2011 was essentially unchanged, remaining at 8.8% to 9%. That's only 0.1% lower than its November forecast.