Gary Siegel

The Midwest Economy Index grew to 0.55 in June from a revised 0.45 in May, the Federal Reserve Bank of Chicago reported Thursday.

The Federal Open Market Committee continued to taper its asset purchases, cutting $5 billion off each its agency mortgage-backed securities and longer-term Treasury securities, and held the 0 to 1/4 percent target range for the federal funds rate.

About 5,044,600 online job postings appeared on leading Internet job boards in July, a decrease of 15,500 from June, the Conference Board reported Wednesday.

Texas service sector activity showed faster expansion in July, according to business executives responding to the Federal Reserve Bank of Dallas' Texas Service Sector Outlook Survey, as the revenue index gained to 21.5 from 16.9.

The consumer confidence index gained to 90.9 in July from a revised 86.4 last month, The Conference Board reported Tuesday.

Economic activity expanded in all 12 Federal Reserve Districts, with the growth termed "moderate" or "modest," yet Boston and Richmond reported growth slowed, according to the Beige Book, released Wednesday.

Calling for an interest rate hike "early next year, or potentially sooner," Federal Reserve Bank of Dallas President and CEO Richard W. Fisher, said Wednesday, "I believe we need an adjustment to the stance of monetary policy."

Builders' confidence in the market for new single-family homes grew as the National Association of Home Builders' housing market index climbed to 53 in July from 49 in June.

Moving interest rates from zero should be done "relatively soon" because not only is it appropriate, but also because it will give the Fed flexibility should another economic slowdown occur, Federal Reserve Bank of Kansas City President Esther George said late Thursday.

Federal Reserve Board Chair Janet Yellen told the Senate Banking Committee that highly accommodative monetary policy "remains appropriate."

Business inventories rose 0.5% in May, while sales increased 0.4% to $1.343 trillion, the Commerce Department reported Tuesday.

The Empire State Manufacturing Survey showed conditions "improved significantly for a third consecutive month for New York manufacturers," the Federal Reserve Bank of New York reported Tuesday as the general business conditions index climbed to 25.60 in July from 19.28 in June.

With the Fed funds rate target near zero and policymakers using "unconventional" tools, it has been difficult for emerging markets to read U.S. intentions, which could have repercussions for the global economy, according to St. Louis Federal Reserve Bank President James Bullard.

Consumers still expect inflation of 3.2% in the next year and 3.3% over three years, according to the Federal Reserve Bank of New York's June 2014 Survey of Consumer Expectations.

Recent economic data suggests the Fed should be raising rates, Federal Reserve Bank of Philadelphia President Charles Plosser said Friday.

Although he expects inflation in the 1.5% to 1.75% range in the near future, topping the Federal Reserve's 2% target wouldn't be "a catastrophe," Federal Reserve Bank of Chicago President Charles Evans said Friday.

Wholesale inventories increased 0.5% in May, the Commerce Department reported Thursday. Wholesale sales grew 0.7%.

Initial jobless claims fell 11,000 to 304,000 in the week ended July 5, the Labor Department said Thursday.

While Federal Open Market Committee members "generally supported" the panel's current guidance, discussion ensued about whether accommodation could be removed sooner, or perhaps later, minutes of the June FOMC meeting showed.

The Federal Open Market Committee is still missing on both sides of its dual mandate: "undershooting its price stability objective" and "underperforming with respect to its maximum employment objective," Federal Reserve Bank of Minneapolis President Narayana Kocherlakota said Tuesday.