Ben Bernanke
Fed stays the course on rates
Fed stays the course on rates

The Federal Reserve seemed to give investors and the business world just about everything they wanted to hear. The Fed endorsed the view that the sharp contraction in the first quarter was a blip: The economy has rebounded from the weather-related soft patch. Business investment now is bouncing up and labor markets are improving, the central bank said in its statement after its policy meeting Wednesday. At a news conference, Fed Chairwoman Janet L. Yellen said she didn't think that stock valuations and investors' reach for higher bond yields were out of line. Nor was she terribly worried about global instability, though she did note that the developments in Iraq presented a...