Saying that "economic activity is likely to remain weak for some time," even though there has been some improvements in consumer spending and housing, the Federal Reserve today announced it was keeping interest rates unchanged.
The target federal funds rate, the one banks use when lending to each other, will remain at 0 to .25%.
The Fed's Open Market Committee said in a statement explaining it decision that "policy actions to stabilize financial markets and institutions, fiscal and monetary stimulus, and market forces will support a strengthening of economic growth and a gradual return to higher levels of resource utilization in a context of price stability."
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