Celebrate (maybe)! Fed says economy has likely turned a corner

Federal Reserve officials last month felt optimism about the U.S. economy and expressed belief that a nearly two-year-long recession was drawing to close. Still, the group suggested that the U.S. remains vulnerable to shocks, according to minutes from the August 11-12 meeting released Wednesday.

A number of factors led the Federal Open Market Committee to conclude that the recession is nearing an end. The FOMC noted that reports suggested economic activity was stabilizing, that the pace of job cuts slowing "noticeably in recent months," and that car production and housing activity had picked up.