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Fed ups forecast for 2011 GDP growth

Fed ups forecast for 2011 GDP growth (by Greg Robb)

WASHINGTON (MarketWatch) -- Federal Reserve officials were confident that the economy was on firmer footing at their January meeting, leading a few officials to wonder whether the central bank could scale back its $600 billion bond-purchase plan, according to a summary of the meeting released Wednesday. "A few members noted that additional data pointing to a sufficiently strong recovery could make it appropriate to consider reducing the pace or overall size of the purchase program," the minutes said. Others on the Fed's interest rate setting Open Market Committee said they didn't think the outlook would change in any material way before the program is set to expire at the end of June. The Fed hiked its forecast for economic growth in 2011 to a range of 3.4%-3.9% from its earlier estimate of 3.0% to 3.6%