Fed to Hold Rates Low Until Late 2014
Originally published at Fox Business.
The Federal Reserve said Wednesday it expects to keep record low interest rates in place at least until late 2014.
Citing concerns for a global economic slowdown and an expectation that the U.S. labor market will continue to heal gradually rather than swiftly, members of the Federal Open Market Committee left interest rates at their current range of 0-0.25%.
The Fed said in a statement that economic conditions “are likely to warrant exceptionally low levels for the federal funds rate at least through late 2014.”
The decision to maintain a fiscal policy in place now for over three years was widely anticipated on Wall Street.
Investors seemed cheered by the announcement, pushing stock markets off session lows in midday trading. The Dow Jones Industrial average was down 10.45, or 0.08%, at 12,665.30.
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