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US economic growth estimate for 2nd quarter cut to 1.1%

The Commerce Department slightly cut its estimate of US economic growth in the second quarter to 1.1 percent Friday, underscoring the surprise weakness in activity during the period.

US Fed pressed ahead with plan to raise rates as it debated guidance

The US Federal Reserve pressed ahead at its last policy-setting meeting with plans to begin raising interest rates later this year despite an apparently vigorous debate over how to communicate its intentions.

Asian markets rally after dovish Fed minutes

The minutes show the central bank board aired worries about the stronger dollar, a stumbling eurozone economy, slowing growth in China and Japan and geopolitical risks.

Bernanke defends Fed response to financial crisis

Chairman Ben Bernanke said Friday that the Federal Reserve was left with few good options when it stepped in to shore up the largest US financial institutions during the 2008 crisis.