Fed Not Taking Any More Action to Help Economy, Predicts Moderate Growth
The Federal Reserve is keeping interest rates unchanged, won’t take additional action to aid the economy and predicts the economy will continue to improve, the central bank announced Wednesday.
The “economic recovery is continuing at a moderate pace, though somewhat more slowly,’’ than expected, the Fed’s Open Market Committee said following a meeting.
“The unemployment rate remains elevated; however, the Committee expects the pace of recovery to pick up over coming quarters and the unemployment rate to resume its gradual decline,’’ it added.
The Fed also said it is going to keep the targeted interest rate at between 0 and .25% and will end its $600 billion security purchases as scheduled at the end of the month.