Recession in 2008?

But in a new economic outlook, the central bank also lowered its growth target for the economy in 2008, raising hopes that the Fed will cut rates again when it meets in December.

The Fed indicated in an addendum to its minutes that it now expects the economy to grow at about a 1.8 percent to 2.5 percent rate next year, down from a forecast in June of 2.5 percent to 2.75 percent growth....

he Fed also issued relatively sluggish growth targets for economic growth in the next two years. The Federal Reserve governors and Federal Reserve Bank presidents indicated that they anticipate the economy to grow at a 2.3 percent to 2.7 percent clip in 2009 and at a 2.5 percent to 2.6 percent rate in 2010.

read the CNN story