IMF cuts forecast for US growth

The international body has cut its April forecast of 2.8% growth for 2014 down to 2%. It blamed a harsh winter, as well as a still-struggling housing market, for the weak first quarter figures which have already been seen. However, it expects growth to rise to 3% in 2015. The IMF also urged the US Fed to keep interest rates lower for longer, despite growing expectations of a hike. It said the country could tolerate a modest rise in inflation, adding this may also be in keeping with a balanced policy. The IMF urged policymakers to encourage higher productivity and job-creation, whic...