WASHINGTON -- Federal Reserve Governor Susan Phillips said that while a setback in the economic recovery is still possible, "there are clearly reasons to be optimistic and encouraged."

Mr. Phillips, speaking at a meeting of the Savings and Community Bankers of America, said that economic data should become increasingly more positive as the year progresses.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.