US Fed keeps interest rates steady near 0 percent
August 13th, 2009 - 2:57 am ICT by IANSWashington, Aug 13 (DPA) The Federal Reserve kept its benchmark interest rate at near 0 percent Wednesday and showed no signs of changing course as the US begins to emerge from a 20-month recession.
The central bank in a statement pointed to signs that US economic activity was “leveling out” and said the financial sector had “continued to improve” in the last few weeks.
The Fed has kept the federal funds rate at a 0-0.25 percent range since December and repeated that it would stay the course “for an extended period” as the economy begins to recover.
But the Fed did suggest it was easing some of its unprecedented interventions in financial markets. It would “gradually slow the pace” of its buying of $300-billion worth of Treasury securities. The purchases should be completed by October.
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Tags: benchmark interest rate, economic activity, economy, federal funds rate, federal reserve, financial markets, financial sector, interest rates, interventions, pace, recession, signs, treasury securities
