Data collected by the United States Federal Reserve System suggests that the country's financial market, while still fragile, is showing signs of improvement.
The U.S. Court of Appeals for the District of Columbia rules, by a 7–3 vote, that the independent structure of the Consumer Financial Protection Bureau is constitutional. A separate case involving directorial succession is under appeal; lower courts have approved the president's selection of Mick Mulvaney as head of CFPB.
The U.S. Federal Reserve announces its benchmark interest rate will not change this month, though it expects an increase by the end of the year, along with three increases in 2018 and two in 2019. The Federal Reserve also says its balance sheet reduction program will begin in October.
The U.S. Federal Reserve raises the federal funds rate by a quarter percentage point to a level between the 1.0-to-1.25 percent range, and outlines a plan to trim its bond holdings and other securities. This is the fourth increase since December 2015.
The Federal Reserve System raises the benchmark interest rate in the United States to a level between 0.5 and 0.75%. This is the second time in a decade that the Federal Reserve has increased interest rates.
The Federal Reserve System starts a new campaign of increasing the money supply, the expected so-called QE3. But it says it buys mortgage-backed securities in an "open-ended" way, essentially "creating" 40 billion US$ each month. The Fed also considers other measures in a bid to stimulate the economy.
In an unprecedented question and answer meeting with reporters, the U.S. Federal Reserve chairman Ben Bernanke expects less economic growth for 2011 as the economy has been weaker in recent months than he had thought it would be.