Reuters - The Federal Reserve on Wednesday slashed its U.S. economic growth forecast for 2008 and signaled that mounting concerns over inflation would make further interest rate cuts unlikely.

Reuters - American Airlines' shares fell 24 percent on Wednesday as it said it will cut thousands of jobs, retire old aircraft and charge passengers to check bags in a move to counter record fuel prices and a weak U.S. economy.

Reuters - Oil prices surged $5 to a record over $134 a barrel on Wednesday after a U.S. government report showed a surprise drop in crude stockpiles, reinvigorating fears of a supply crunch.

Reuters - Stocks tumbled on Wednesday, posting their biggest losses in two weeks, amid fears the U.S. economy faces 1980s-style stagflation after the Federal Reserve slashed its economic growth forecasts while raising estimates for inflation.

Reuters - Boeing Co , passed over for a potential $3.6 billion Air Force satellite deal, said on Wednesday it plans to lay off about 750 workers in Southern California because of a downturn in its satellite assembly and integration business.

AP - Federal Reserve officials strongly suggested they won't be inclined to cut interest rates further even as they sharply downgraded their forecast for economic growth this year, citing damage from a housing slump, credit crunch and galloping energy prices.

Reuters - Microsoft said on Wednesday that starting some time next year it will make it easier for users of an open-source rival to work with Microsoft Office.

Reuters - McAfee Inc, the No. 2 security software maker, likes small and medium-sized acquisitions of up to about $350 million and sees no need for a transformative deal to challenge larger rival Symantec Corp.