Fed Beige Book Shows “Modest” Improvement

The US Federal Reserve Beige Book report shows that overall, economic activity improved in the US last month. Consumer and business spending both increased in May and the job market also registered a slight improvement.

The Fed did note concerns with the ongoing credit crisis in Europe however, Federal Reserve Chair Ben Bernanke told the House Budget Committee that the Fed will act as needed to aid financial stability and economic growth. Bernanke also said that the Fed will restart emergency currency-swaps to help contain Europe’s debt crisis.

Source: Reuters

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