WASHINGTON (AP) -- The Federal Reserve says it is unlikely to raise interest rates before late 2014, extending a period of record-low rates by more than a year. The Fed says it is keeping rates low to help lift a weak but modestly growing economy.
The new time frame hints at details in the Fed's quarterly economic forecast, which will be released later. That will show in what year policy members expect the first increase in the Fed's benchmark interest rate. The Fed has kept its key interest rate at a record low near zero for three years.
The Fed says in a statement released after its two-day meeting that the economy is growing moderately, despite some slowing in global growth. It held off on any other new steps to boost the economy.
(COPYRIGHT 2012 BY THE ASSOCIATED PRESS. ALL RIGHTS RESERVED.)
KKCO firmly believes in freedom of speech for all and we are happy to provide this forum for the community to share opinions and facts. We ask that commenters keep it clean, keep it truthful, stay on topic and be responsible. Comments left here do not necessarily represent the viewpoint of KKCO 11News.powered by Disqus
Viewers with disabilities can get assistance accessing this station's FCC Public Inspection File by contacting the station with the information listed below. Questions or concerns relating to the accessibility of the FCC's online public file system should be directed to the FCC at 888-225-5322, 888-835-5322 (TTY), or firstname.lastname@example.org.