The managing director warned of higher inflation and lack of access to vaccines in many countries
Increased consumer spending contributed to the change
The lower-than-expected reading should ensure the Fed leaves its interest rate unchanged at next week's meeting
The U.S. economic pullback reflects concerns about the delta variant
Meanwhile, inflation over the past 12 months hit its fastest pace in three decades
The change reflects a sustained consumer-led rebound, now threatened by the delta variant
Some of the Fed's policymakers have argued that the bond purchases are driving up prices
A number of Republicans have already criticized the Fed for not beginning to taper
The economy is expected to expand as much as 7% this year, though a resurgent virus could interfere
The measures would seek to avoid an unprecedented default on U.S. national debt