JACKSON HOLE, Wyo. — A host of Federal Reserve officials Friday heard that neither large-scale asset purchases to reduce long-term interest rates nor forward guidance on the path of short-term rates have been very effective tools for reviving the economy, but that fortunately the economy is recuperating on its own.

Unemployment remains far too high and inflation too low, but the economy is on the mend as higher stock prices improve household wealth and post-crisis deleveraging gives way to spending and investment. But this gradual healing process has little to do with the Fed's extraordinary monetary exertions, participants in the Kansas City Federal Reserve Bank's annual symposium were told.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.