The economy continues to grow, but — using the Fed's language — at a "measured pace."
Neither of Federal Reserve Board Chairman Ben Bernanke's press conferences during the quarter revealed anything too earth-shattering, however the definition of "extended period" was somewhat clarified as it was at the last few Fed meetings. This implies that once the Fed drops the "extended period" language, we can expect a rate increase some 12 to 18 weeks later. But given the tone and tenor of recent Fed communications, I wouldn't expect this for some time. Read the Article