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Following is the text of the statement by the Federal Reserve on Wednesday announcing it was holding its base federal funds target rate at a record low between zero and 0.25percentt: Information received since the Federal Open Market Committee met in March indicates that the economy has continued to contract, though the pace of contraction appears to be somewhat slower.
The recent data "suggest that the pace of contraction may be slowing," Mr. Bernanke said.
Readings below 50 point to shrinking activity but the pace of contraction is at least slowing.
An encouraging slowdown in the pace of contraction across most of the euro zone stalled out.
That means the pace of contraction slowed, following a 0.3% drop in GDP between April and June.
So while the pace of contraction is easing, she added, "it still looks as though any recovery in euro-zone activity will be slow to get started".
Similar(41)
It was used to control the pace of the contraction rate for the neuromuscular efficiency test and to make sure that the isometric contraction of the fatigue test was as steady as possible.
Jean-Claude Jean-Claude Trichet presidentheacknowlE.C.B.that there were signs that the presidentconomic contracknowledgedasing.
The European Central Bank's president, Jean-Claude Trichet, acknowledged that the pace of economic contraction in the euro zone was easing.
After a two-day meeting, the Fed said that the "pace of economic contraction is slowing", though the economy would "remain weak for a time".
Their mood was leavened by an optimistic gloss on the country's first-quarter output and a statement from the Federal Reserve saying that the pace of economic contraction was "somewhat slower".
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com