What did the Federal Reserve say?

 The Federal Open Market Committee struck an optimistic tone, as it saw risks to the economic recovery fade since last year. Although some Federal Reserve officials, including Chairman Ben Bernanke, have begun talking in public about the endgame for quantitative easing, its latest statement doesn't really reflect that, with lowering unemployment still the primary yardstick for when to tighten up the money supply. Here's the FOMC statement, and our translation.

 

What the Fed said:

FED: Information received since the Federal Open Market Committee met in May suggests that economic activity has been expanding at a moderate pace.

What the Fed meant:

Translation: The economy is growing around 2.4 percent a year. Not great, but at least it's still heading in the right direction.

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