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Fed says US recovery is too slow

The Federal Reserve said yesterday the economic recovery was still too slow to bring down unemployment, reaffirming its commitment to purchase $600 billion in bonds to stimulate growth and create jobs.

WASHINGTON – The Federal Reserve said yesterday the economic recovery was still too slow to bring down unemployment, reaffirming its commitment to purchase $600 billion in bonds to stimulate growth and create jobs.

In a statement containing little acknowledgment of a recent uptick in the economic data but focused squarely on high unemployment, the Fed characterized the U.S. expansion as “continuing,” a modest upgrade from its November description of the recovery as “slow.”

The Fed meeting likely involved some re-evaluation of the economic outlook to account for the effects of a proposed extension of tax cuts.

 
 
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