U.S. Economy Described by Fed as Strong

The Fed left interest rates unchanged on Wednesday, while describing the U.S. economy as “strong” for the first time since calling it “quite strong” in May of 2006, during the late stages of the last economic expansion. The central bank, for now, is sticking to its plan to gradually lift borrowing costs as growth and joblessness appear satisfactory. After hitting 3%, 10-year Treasury yields came in 2 basis points as additional tariff threats contributed to a risk-off mood. While borrowing costs have remained stable over the year, economic strength is contributing to upward pressure.