There had been speculation in recent weeks that the Fed was moving toward lower rates amid growing evidence of an anemic economic recovery.

Some traders also noted that the report was inconsistent with other evidence of a much milder economic recovery in Japan.

Industrial production in Brazil grew 8 percent in the first quarter compared with a year earlier, further evidence of a recovery.

GE executives saw little evidence of a strong recovery but reaffirmed their profit outlook for 2003.

It will be very hard to spot any evidence of a recovery.

Wholesale prices rose only slightly in January and business sales jumped sharply, more evidence of a gradual recovery.

The Bundesbank said the evidence of a recovery was patchy at best.

Executives said the results offered more evidence of a recovery.

For the most part, though, the changes are welcome evidence of a recovery, albeit modest, in the city's residential real estate market.

Now, "even though one month doesn't make a trend," he said, "there is strong evidence of an economic recovery."