Throughoutthe FOMC Meeting Minutes the Feds assessed that the country's economic recovery during this past period was taking place at a moderate pace and the deterioration of the superpower's key sector; the labor market, is clearly gradually easing, knowing that private nonfarm payroll employment increased over the first quarter of 2010 and new projections are set for this year, expecting the GDP to expand from 3.2% to 3.7% and the jobless rate to drop and range between 9.5% and 9.1% but start plunging significantly within 2011 and 2012, the Fed's also adjusted their expectations for inflation, where the Fed's believe PCE will range between 1.2% and 1.5% in 2010, while the Feds expect core PCE to range between 0.9% and 1.2% in 20100 and to remain well below 2% over the upcoming two years.

As for the housing sector, the residential construction has showed signs of improvement but remains depressed as construction of nonresidential buildings remained on a sharp downward path, whereas consumer price inflation remained low and overall prices pressures are still well under control and growth of manufacturing output remained strong, since activity continued to rise in several industries.