"The committee expects economic growth to remain moderate over coming quarters and then to pick up gradually"
- Federal Open Market Committee
U.S. durable goods orders tumbled below forecast in March, a sign the manufacturing sector may be losing momentum. Bookings for long lasting goods dropped 4.2 percent, said the Commerce Department on Wednesday.
"This category is notoriously volatile and difficult to estimate. In all likelihood, aircraft orders will rebound in April," said Paul Edelstein, director of financial economics at IHS Global Insight.
Federal Reserve policy makers told they expect growth to accelerate at the end of 2012.
"The committee expects economic growth to remain moderate over coming quarters and then to pick up gradually," the Federal Open Market Committee said in a statement on Wednesday.
"Despite some signs of improvement, the housing sector remains depressed."
© Dukascopy Bank