Traders are strapping on their tin hats in expectation of a barrage of sell orders after the US Federal Reserve yesterday painted a gloomy picture of the growth prospects for the world's largest economy."Information received since the Federal Open Market Committee met in August indicates that economic growth remains slow," the minutes from the Federal Reserve's rate-setting committee read. "Recent indicators point to continuing weakness in overall labour market conditions, and the unemployment rate remains elevated," the report continued,US stocks, already trading lower before the Fed's statement, moved deeper into the red at a rate of knots, and the same scenario is likely in London when trading starts, with City traders tipping the Footsie will open down 140 points or so from yesterday's close of 5,288.In such time, the boring but dependable returns of utility companies look appealing, and to underline the point United Utilities confirmed it is on track to deliver its out-performance targets. First half revenue came in higher than last year, though operating expenses are also on the up. The group said it intends to accelerate some £100m of previously agreed pension deficit payments, providing a higher investment return for the group than could have been achieved through short term deposits.TUI Travel is another company that is on course to meet full year expectations. Summer 2011 has traded well since the package tour firm's last update, with bookings up in most source markets. Winter 2011/12 trading to date is satisfactory overall, but the group has planned for a slow recovery to trading in Egypt and Tunisia.Sticking with the travel theme, no-frills airline easyJet said the increase in total revenue per seat at constant currency for the second half of the year is expected to be towards the upper end of its expectations at around 6%, which means full year growth will be around 3%. Full year profit before tac is now expected to be between £240m and £250m.Tim Breedon, Group Chief Executive of Legal & General has advised them of his intention to retire from the company at the end of 2012. The insurance giant will announce a successor in due course.--jh