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• WASHINGTON (AP) -- The economy we've got today is more or less the economy we've got for the rest of the year.
• That's the message from the Federal Reserve, which has sharply reduced its forecast for U.S. growth. It sees unemployment barely budging in the rest of 2012.
• The Fed also says the economy is under threat from Europe's debt crisis and from the prospect of sharp spending cuts and tax increases that will kick in at year's end unless Congress acts.
• None of which is comforting for companies, job seekers or President Barack Obama, whose re-election hinges in part on whether the economy improves between now and November.
• Until recently, many economists were hopeful that the economy would strengthen in the second half of the year. But optimism is fading as hiring and growth have slowed for a third straight spring.
• ___

• NEW YORK (AP) -- The high temperatures that made life hot and miserable throughout the Northeast are expected to return, with readings in the mid- to high-

90s.
• Water-guzzling residents who stayed close to their air conditioners will have to get through Thursday before temperatures are expected to start cooling down.
• Wednesday, the first official day of summer, saw record-setting temperatures from New York City to Burlington, Vt.
• Several relatives of high school graduates were treated for heat exhaustion at an outdoor ceremony in North Bergen, N.J., and taken to a hospital. Ambulances were on standby at the event, which was held outside to accommodate about 5,000 people, said Capt. Gerald Sanzari of the North Bergen Police Department.
• A similar scene took place in New Britain, Conn., where several people were taken to a hospital after suffering heat-related symptoms while attending the New Britain High School graduation. Captain David Koscuk of the New Britain EMS told the New Britain Herald that 24 people suffered from heat exhaustion or fainting and half of them were taken to area hospitals.

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