Economic Optimism At Federal Reserve Meeting [AUDIO]
The Fed noted after their one-day meeting that the unemployment rate has declined notable, and they expect that trend to continue. They also said the strains on the global economy have eased, though Greece and some other European problems still pose a threat. Rider University Economist Maury Randall says the Board just reiterated the kinds of economic news that we have been hearing for the past month or two.
Since the Fed's last meeting in late January, a stream of positive economic reports has suggested the economy is faring better than the Fed had expected. Employers added 734,000 jobs from December through February, the best three months of hiring in two years.
The Fed noted there are some economic warning signs. Unemployment is still over 8 percent and energy prices have been rising. But on the gas price front, they do not feel the spikes will have an effect on longer-term inflation.
Most economists say any further steps by the Fed, such as another bond buying program to try to drive interest rates even lower to boost the economy, aren't likely soon.
The upbeat pronouncements were head loud and clear on Wall Street. Stocks closed up more than 210 points.