Treasury Bonds are a main source of income for the U.S. Federal Reserve. The reserve, which speaks in nuances, dramatically shifted nuances Tuesday, downgrading the economic recovery from “proceeding” to “modest.” On June 23, the Fed’s Open Market Committee said the “economic recovery was proceeding,” but the winds shifted in the past month with disappointing data on jobs, consumer spending and factory production. On Tuesday, the Fed said the “pace of economic recovery is likely to be more modest in the near term than had been anticipated.”
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