Economic Week in Review

Summary: In an upbeat week for economic news, the Federal Reserve Board announced Tuesday that it left the target for short-term interest rates unchanged at 5.25%. This marked the fourth meeting that the central bank made no rate adjustments. Investors were also cheered by reports of strong retail sales, a shrinking trade deficit, increased industrial production, and more signs that inflation is being held in check. For the week, the S&P 500 Index rose 1.2% to 1,427, the highest close in more than six years (since Nov 8, 2000). The yield of the 10-year U.S. Treasury note rose 4 basis points to 4.60%.

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