The Federal Reserve has said the recession in the US is "slowing" but the economy is likely to remain weak. The central bank kept interest rates unchanged and said they would remain at its current low range of between zero and 0.25% for an "extended period".
The Fed also said it would continue its present level of purchasing long-term government debt to expand money supply.
It expects inflation to stay "subdued for some time" even though energy and commodity prices have risen recently.
"Information received since the Federal Open Market Committee (FOMC) met in April suggests that the pace of economic contraction is slowing," the Fed said in a statement.
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The Fed also said it would continue its present level of purchasing long-term government debt to expand money supply.
It expects inflation to stay "subdued for some time" even though energy and commodity prices have risen recently.
"Information received since the Federal Open Market Committee (FOMC) met in April suggests that the pace of economic contraction is slowing," the Fed said in a statement.
Read the full article here.