Federal Reserve cuts quantitative easing by another $10 billion

Even though the Federal Reserve has again narrowed its forecast for U.S. economic growth this year, the Federal Open Market Committee "generally expressed confidence the economy is improving," reports CBS News.

Due to the rosy outlook, the Federal Reserve cut its monthly asset purchases — which are intended to boost lending and economic growth — by another $10 billion, reports Reuters, part of a months-long effort to taper its so-called quantitative easing program.

In its policy statement, the Fed said that household spending is rising moderately, but "recovery in the housing sector [has] remained slow." Officials appeared cautiously optimistic, saying the economy and labor market are "nearly balanced."