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Inflation has essentially disappeared, and that gives the Federal Reserve more room to keep interest rates at record lows. Consumer prices fell in April for the first time in more than a year.
The Federal Reserve sounded a more confident note Wednesday that the economy is strengthening but pledged to hold rates at record lows to make sure it gains traction.
The Federal Reserve has decided to hold interest rates at a record low and pledged to keep them there for an “extended period” to nurture the economic recovery and lower unemployment.
The Federal Reserve is expected to leave interest rates at a record low this week. The big question is whether Chairman Ben Bernanke and his colleagues will hint about when they will reverse course and start boosting rates.
WASHINGTON – The Federal Reserve said Wednesday it was holding short-term interest rates at near zero and would probably make no change for the foreseeable future, despite a turnaround in economic activity. Chairman Ben Bernanke and others at the policy-setting Federal Open Market Committee reiterated that they would maintain the benchmark overnight lending rate between zero and 0.25 percent, adding that the rate was likely to remain “exceptionally low” for “an extended period.”
The Federal Reserve delivered a vote of confidence in the economy Wednesday, saying it would slow the pace of an emergency rescue program as the recession appears to be ending.
The Federal Reserve signaled Wednesday that the weak economy likely will keep prices in check despite growing concerns that the trillions it’s pumping into the financial system will ignite inflation.
Faced with the danger of a worsening recession, Federal Reserve policymakers at their March meeting took the bold step of plowing $1.2 trillion into the economy to drive down interest rates and entice Americans to start buying again.
WASHINGTON – The Federal Reserve signaled Wednesday that it stands ready to use new unconventional tools, or expand existing ones, to spur lending and consumer spending that could help lift the economy out of a painful recession. The Fed also agreed to keep the targeted range for the federal funds rate between zero and 0.25 percent for “some time” to help brace the economy. Economists predict the Fed will keep the funds rate, the interest banks charge each other on overnight loans, at that record low level through the rest of this year.
WASHINGTON – The Federal Reserve, urgently rewriting its playbook to fight a deepening recession, cut its benchmark interest rate to as low as zero Tuesday, a surprisingly strong step that should make it cheaper for Americans to borrow on credit cards and pay their mortgages. Wells Fargo, Wachovia and U.S. Bancorp immediately lowered their prime lending rates from 4 percent to 3.25 percent, and other banks will probably follow suit. Economists cautioned, though, that people frightened by the economy and worried about their own jobs may not feel like taking on more debt.