The FMOC left the target range for the federal funds rate at zero to 1/4% at the conclusion of its two-day monetary policy-setting meeting yesterday.

“Information received since the Federal Open Market Committee met in August suggests that economic activity has picked up following its severe downturn,” the panel said. “Conditions in financial markets have improved further, and activity in the housing sector has increased. Household spending seems to be stabilizing, but remains constrained by ongoing job losses, sluggish income growth, lower housing wealth, and tight credit.

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