The policy-making unit of the U.S. Federal Reserve is keeping open the possibility of additional monetary easing but stopped short of committing to it after Tuesday's meeting, Bloomberg reports.
The Federal Open Market Committee released a statement after the meeting that noted the nation's unemployment rate is higher than it would like to see while also enhancing its view of growth. That cut down on the likelihood of a third round of quantitative easing any time soon, but the economy-spurring measure was not ruled out.
"The FOMC is clearly shifting its stance away from blanket gloom to something more realistic, but they have a long way to go," chief U.S. economist Ian Shepherdson with High Frequency Economics in New York told Bloomberg. "The data will force their hand."
Thus far, two rounds of quantitative easing for the globe's largest economy as it emerges from the Great Recession have totaled the purchase of $2.3-trillion-worth of bonds. The benchmark interest rate remains near zero, where it has been since December 2008.
Forbes reports the institute led by Benjamin Bernanke said the U.S. economy is on the rebound but also noted gradually increasing oil prices will prompt higher inflation.