Federal Reserve policy-makers left the target range for the federal funds rate at 0 to .25% at the conclusion of their meeting yesterday.

“Information received since the Federal Open Market Committee met in April suggests that the pace of economic contraction is slowing,” the post-meeting statement said. “Conditions in financial markets have generally improved in recent months. Household spending has shown further signs of stabilizing but remains constrained by ongoing job losses, lower housing wealth, and tight credit. Businesses are cutting back on fixed investment and staffing but appear to be making progress in bringing inventory stocks into better alignment with sales.

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