Earlier this afternoon, the Fed highlighted signs of economic recovery as it wisely left rates steady. The central bank also said it will slow purchases of mortgage-backed securities.
"Economic activity has picked up following its severe downturn," the Fed said in the upbeat policy statement it released at the conclusion of its two-day policy meeting. Here is the Fed's full statement.
The economy President Obama inherited from GWB and the "do nothing" Republicans is beginning to show signs of recovery, thanks in part to the efforts of this president and the Fed. I for one am happy to see the Fed maintain the current 0 to 0.25% inter lending bank rate. For those with resetting ARMs, that's good news.