Fed Says Employment "Stabilizing"
The Fed's decision to leave interest rates unchanged today was expected, but it was the optimistic statement released today that led to the Dow's 140-point rise. Key line: "the labor market appears to be stabilizing." I'm not sure precisely what "stabilizing" means--unemployment isn't heading up or down, I suppose. In any case, it sounds pretty good. Krugman and Herbert seem not to have received the memo just yet.