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Fomc Statement

Fomc Statement

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Fed breathes a huge sigh of reliefCommentary: Deflation fades as risk, but no sign of rate hikes yetBy MarketWatchLast Update: 2:43 PM ET Jun 24, 2009WASHINGTON (MarketWatch) -- Top U.S.

monetary-policy makers at the Federal Reserve breathed a big sigh of relief: The second coming of the Great Depression has been averted.

In a statement Wednesday following its two-day closed-door meeting, the Federal Open Market Committee took a first big step toward normalizing monetary policy.

See full story.For the first time in months, the FOMC statement was largely upbeat, at least about the economic outlook.

The committee had no new lending or credit-easing programs to announce, and most of what it had to say about the economy was positive.The committee noted the obvious: "The pace of economic contraction is slowing." After the worst six months for the economy in more than 50 years, the pain is easing.

But officials were quick to caution that "economic activity is likely to remain weak for some time." Next Page >>View Entire Story

http://www.marketwatch.com/story/fed-breathes-a-huge-sigh-of-relief
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