Fed downgrades growth in fresh blow for Trump

The US Federal Reserve has slashed its forecasts for economic growth over the next two years and hiked inflation expectations in a fresh blow to Donald Trump. On Wednesday, expectations for US GDP growth this year were slashed from 1.7pc to 1.4pc, and from 1.8pc to 1.6pc in 2026, versus the central bank’s March projections. Inflation will also rise...