The Federal Reserve said that 11 of its 12 regional banks reported signs that they are either stable or improving, reports Bloomberg. Five districts “mentioned signs of improvement,” said the Fed in its Beige Book business survey. Teh central bank survey demonstrates that the worst of the crisis may now lie in the past. “We are slowly on the road to recovery,” former Fed Governor Robert Heller said in an interview with Bloomberg Television. The Beige Book “confirms that we have turned the corner,” he said. The Fed is “cautiously positive…loan demand was described as weak, and many districts reported that credit standards remained tight.”
Fed Says Economy Improving, Stable
The Federal Reserve believes that the majority of its 12 banks are stable and improving.
September 9, 2009