Fed says US economy has slowed, takes no new steps

WASHINGTON (AP) -- The Federal Reserve said Wednesday that the economy is losing strength and repeated a pledge to take further steps to stimulate growth if the job market doesn't show sustained improvement.

The Fed took no new action after its two-day policy meeting. But it acknowledged in a statement released after the meeting that economic activity had slowed over the first half of the year, unemployment remains elevated and consumer spending has weakened.

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