Futures were down sharply Wednesday as Wall Street continued to react to the Federal Reserve's downgrade of its forecast for the U.S. economy along with disappointing economic data out of Asia.
The Federal Reserve at its Tuesday policy meeting warned the economic recovery that had started in Summer 2008 had waned and "the pace of economic recovery is likely to be more modest in the near term than had anticipated."
And while the Fed announced it was taking some additional stimulus measures by purchasing treasuries in the two-year to 10-year range keep yields low, the fear among investors remains the possibility of a double-dip recession.
