The Federal Reserve said growth is bouncing back and the job market is improving as it continued to reduce the monthly pace of asset purchases.
“Economic activity is rebounding in the current quarter and will continue to expand at a moderate pace,” Fed Chair Janet Yellen said at a press conference in Washington today. Even with declines in unemployment, “a broader assessment of indicators suggests that underutilization in the labor market remains significant.”
The Federal Open Market Committee trimmed bond-buying by $10 billion for a fifth straight meeting, to $35 billion, keeping it on pace to end the program late this year. Stocks rallied, sending one of the broadest measures of global equities to an all-time high, as Yellen emphasized the need to put more Americans back to work and downplayed concerns about asset-price bubbles and incipient inflation.
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