IMF again cuts U.S. 2022 growth forecast to 2.3% as consumer spending cools

The International Monetary Fund on Tuesday again cut its growth forecast for the United States to 2.3% for 2022 from 2.9% in late June, with officials citing recent downward revisions to first quarter U.S. GDP output and consumer spending growth.

The Fund included the new forecasts in the full report of its annual assessment of the U.S. economy, which highlighted the challenges of high inflation and the steep Federal Reserve interest rate hikes needed to control prices.