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NEW YORK (AP) — U.S. stock futures fell Wednesday as markets remain shaky in what has been a volatile week.
The Dow Jones industrial average surged on Tuesday to its biggest gain since 2009 after the Federal Reserve pledged to keep its key interest rate at nearly zero into 2013. The central bank also said it considered other "policy tools" to spur economic growth. Some investors took that to mean that more stimulus may be coming.
But the Fed's statement included a dim outlook on the economy's strength. It said growth this year has been "considerably slower" than it expected and that it anticipates a slower pace of recovery over coming quarters.
The statement "was essentially a full admission that the Fed had not fully gotten their arms around the permanence to the weak trends in the economy," William O'Donnell, head of U.S. Treasury strategy at RBS Securities, wrote in a report.
As recently as June, the Fed said that the recovery was slowing because of temporary factors, such as high gasoline prices and the disruption to manufacturers following a March earthquake that struck Japan. But on Tuesday, the central bank said those factors were only part of the reason that the economy grew at its slowest pace in the first half of this year since the recession ended in June 2009.
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