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Fed Makes More Hopeful Noises

The latest economic assessment-slash-prognostication from the Federal Reserve isn’t all bad — in fact, CNN Money goes so far as to characterize it as relatively “bullish,” despite mitigating factors such as soaring oil prices and the crisis in Japan. Here’s why. –KA

CNNMoney.com:

The nation’s economic recovery is getting stronger but inflation remains in check, according to the Federal Reserve. The Fed said Tuesday it will remain on its current course of pumping more cash into the economy.

“The economic recovery is on a firmer footing, and overall conditions in the labor market appear to be improving gradually,” said the Fed in one of its most bullish statements in years.

The central bank acknowledged there have been significant increases in commodity prices such as oil since its last meeting, but added that it believes underlying inflation pressures remain subdued.

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