The Federal Reserve says the economy was growing at a moderate pace in most regions of the country in April and May, helped by gains in consumer spending.
Fed Chair Janet Yellen says she expects the central bank to raise rates this year as the economy was on course to bounce back from a sluggish first quarter.
Officials at the Federal Reserve's April policy meeting believed it would be premature to raise interest rates in June, minutes from the meeting show.
Changes in the labor force may allow the economy to sustain a much lower rate of joblessness in the future without fear of inflation, the Chicago Fed says.
Job growth rebounded last month and the unemployment rate dropped to a near 7-year low of 5.4 percent, signs of a pick-up in economic momentum.
Fed officials acknowledged risks to the economy in March's meeting but remained confident enough in the recovery to continue a planned rate hike this year.
More research is needed to understand what policies allow people to move up the economic ladder and what holds them back, Fed Chair Janet Yellen says.
Ben Bernanke, who spent eight years as the head of the nation's central bank carefully watching his every comment, is getting a new title - blogger.
An interest rate hike by the Federal Reserve may be warranted later this year, with a gradual path expected to follow, the central bank's chief says.
All 10 S&P sectors rise as the Federal Reserve removes the word patient from its language on when to raise interest rates.
The Federal Reserve moved a step closer Wednesday to a much anticipated first rate hike since 2006 by removing the word patient from its language.
Just as the Federal Reserve seems to be inching toward an interest rate hike because of the strengthening job market, its task is getting more complicated.
Surrounding this week's Fed policy meeting is the expectation that it will no longer use 'patient' to describe its stance on raising interest rates.
Some of the worst-hit stocks were utilities and REITs, as they are high-yielding investments that would look less attractive after a rate hike.
Employers added 295,000 jobs and the jobless rate fell to a 5.5 percent in February, signs that could encourage the Fed to consider hiking interest rates.
The Fed says the economy was growing at a moderate pace through mid-February despite severe winter storms that had disrupted activity in some regions.
The economy is making steady progress, but the Fed remains patient in raising interest rates, Federal Reserve Chair Janet Yellen tells Congress.
Federal Reserve policymakers expressed concern last month that raising interest rates too soon could pour cold water on the U.S. economic recovery.
Employers hired at a stellar pace last month, wages rose by the most in six years, and Americans responded by streaming into the job market to find work.
The Federal Reserve is reiterating that it will be patient in raising rates from record lows but is signaling concern about excessively low inflation.
Hiring keeps rising, and unemployment keeps falling. Eventually, pay and inflation are supposed to start surging in response. But that's not happening.
A turbulent week of trading ended Friday with U.S. stocks finishing lower for the third time in five days.
Job growth increased briskly in December, further strengthening the economy's fundamentals and increasing chances of an interest rate increase from the Fed.
Employers hired at the strongest pace in nearly three years last month, adding 321,000 jobs, the latest sign the U.S. is besting other major economies.
The Fed plans to keep a key interest rate at a record low to support a job market that isn't yet healthy and help lift inflation from unusually low levels.
The global economy has stumbled, and financial markets have been volatile. But that doesn't mean the Federal Reserve plans any major policy shifts.
The Fed's debate on whether to change its interest rate guidance heated up last month, with officials saying the central bank risked misleading investors.
Employers stepped up hiring in September and the jobless rate fell to a six-year low, which could bolster bets on a Federal Reserve rate hike in mid-2015.