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Tuesday, October 28, 2003

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.