16 Mar '11, 2pm

US economy recovery on "firmer footing" than previously thought FOMC - Channel NewsAsia

SINGAPORE: Conditions in the US labour market seem to be improving graudually, and recovery in the economy was on "firmer footing" than previously thought, said the Federal Open Market Committee (FOMC). The market, at its monetary policy meeting Tuesday, had expected the US Federal Reserve to keep its official interest rate zero and and 0.25 per cent - which it did. Also, there was no change in the Fed's plan to keep liquidity plentiful by buying up to US$600 billion in Treasury bonds by the second quarter of this year - a program known as quatiative easing part 2 (QE2). Traders and economists were surprised at the optimism in the Fed's views on the strength of the economic recovery, and analysts say that QE2 may not need to be extended if the recovery continues at its current pace. "If that recovery is panning out as expected it certainly gives the central bank a bit more...

Full article: http://www.channelnewsasia.com/stories/economicnews/view/...

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