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The Federal Reserve increased its projection of growth this year to between 3.4% and 3.9%, according to the minutes of its January meeting, which were released today.

Originally the central bank had projected growth would be between 3.0% and 3.6%.

The Fed wrote that the changes reflect “greater monetary and fiscal stimulus as well as the effects of more moderate oil prices and long-term interest rates, but they continued to show no more than a gradual economic recovery. The staff again expected that unemployment would rise substantially through the beginning of 2010 before edging down over the remainder of that year.”

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