The Fed upgraded its view of the economy, but its priority is still to encourage economic growth. Until then, it's not raising interest rates.
The stock market is roaring again and consumers are starting to feel better. One problem: they're still not ready to spend.
Overall household worth rose to $53.1 trillion in the second quarter, the Fed reported, thanks to a rise in the stock market, home values, and personal savings.
The momentum for reform tends to fade when the economy shows signs of returning to normal after a crisis.
A number of positive trends support the Federal Reserve chief's statement that the recession has "very likely" ended.