Video: The Federal Reserve prepared to do what is necessary for the US economy It also slashed its estimates for US economic growth this year to a range of 1.9 per cent to 2.4 per cent, down from an April projection of 2.4 per cent to 2.9 per cent. It cut forecasts for 2013 and 2014, as well. Fed officials said they expect the job market to make slower progress than they did just a couple months ago, with the unemployment rate now seen hovering above 8 per cent for the remainder of this year. It stood at 8.2 per cent in May.