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Fed Expects Moderate Economic Growth

Wednesday's FOMC press release from Fed Chairman Bernanke was constructive for the markets with this sound-bite from the release, that I feel captured the Fed's fairly positive outlook: "The Committee expects economic growth to remain moderate over coming quarters and then to pick up gradually. Consequently, the Committee anticipates that the unemployment rate will decline gradually toward levels that it judges to be consistent with its dual mandate. Strains in global financial markets continue to pose significant downside risks to the economic outlook. The increase in oil and gasoline prices earlier this year is expected to affect inflation only temporarily, and the Committee anticipates that subsequently inflation will run at or below the rate that it judges most consistent with its dual mandate."