Business News

Federal Reserve keeps interest rates at record low despite recovery

Nov 4, 2009, 18:24 GMT

Washington - The US Federal Reserve on Wednesday kept interest rates at their historic low of near 0 per cent as the world's largest economy embarks on a slow recovery from recession. The central bank's board said economic conditions had 'continued to pick up' since its last meeting in September, but were likely to 'remain weak for a time.' Government figures last week showed the US economy grew an annualized 3.5 per cent in the third quarter, marking the first quarterly growth in a year and likely ending the country's worst recession in seven decades. The Fed's benchmark federal funds rate has been sitting at a record low of 0-0.25 per cent since December 2008, part of an unprecedented effort by the central bank to revive the economy and stabilize the financial system. The Fed said it would continue keeping rates at the record low for 'an extended period.'

Business News

Federal Reserve keeps interest rates at record low despite recovery

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