The economy is on the right track, Fed officials say
Two top Federal Reserve officials said Tuesday that the U.S. recovery is gaining traction, Reuters reported.
Cleveland Fed President Sandra Pianalto said she expects the recovery to continue at a moderate pace, with rising commodity and energy prices only temporarily putting pressure on broader consumer prices.
“The recovery seems to have established a firmer footing. I am seeing clearer signs of a virtuous cycle of growth,” Pianalto said in a speech at the University of Akron.
Dallas Fed President Richard Fisher said the recovery was gathering momentum and needs no further Fed support, while speaking in Frankfurt, Germany.
The Fed last week kept its easy money policy unchanged, voting unanimously to forge ahead with its $600 billion bond-buying program announced in November. The program is scheduled to be completed by the end of June.