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Boy howdy, that Al-Obambi ecomony just keeps humming right along, doesn’t it?

NEW YORK (CNNMoney.com) — The Federal Reserve’s latest forecasts for the U.S. economy are gloomier than the ones released three months earlier, with an expectation for higher unemployment and a steeper drop in economic activity.

The Fed’s forecasts, released as part of the minutes from its April meeting, show that its staff now expects the unemployment rate to rise to between 9.2% and 9.6% this year. The central bank had forecast in January that the jobless rate would be in a range of 8.5% to 8.8%, but the unemployment rate topped that in April, hitting 8.9%.

The Fed also now expects the gross domestic product, the broadest measure of the nation’s economic activity, to post a drop of between 1.3% and 2% this year. It had previously expected only a 0.5% to 1.3% decline.

All yours now, Ayatollah.&#160 You.&#160 Effin’.&#160 OWN.&#160 It.

Good luck.&#160

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(KORRIOTH:  Oh, great.  More wormholes.)

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