"There's been a real drop-off in demand in the economy from the first to second quarter," he said. "I don't think the economy is in danger of recession but it is unacceptably slow."
Seventy-four percent of economists in the Bloomberg Survey said the Fed wouldn't change its statement that it expects low interest rates through at least 2014. Ninety-six percent said the central bank would not lower the interest rate paid on reserves that banks keep with the Fed, with 74 percent never expecting such a move.