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US Federal Reserve keeps interest rates at record low
The US Federal Reserve Wednesday kept interest rates at their historic low of near 0 percent 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 percent 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 percent 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."
Last updated on Nov 5th, 2009 at 01:58 am IST--DPA
Possibly related news:
- Australian interest rates rise as economy surges (Nov 3)
- Small gains for US stocks as Fed keeps rates steady (Nov 5)
- Half of US children will use food stamps: study (Nov 3)
- Indian civil servants at US school to get global perspective (Nov 11)
- India goes bullish on gold, sees a dim dollar future: Forbes (Nov 4)
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A gas explosion at a coal mine in north-eastern China killed at least 23 workers, and trapped 90 early Saturday, media reports said.
Himachal Pradesh is keen to learn the irrigation and agricultural practices of Israel to boost fruit and crop productivity in the hill state.
Tibetan medicine is sought after the world over now and even officials in Communist China are keen followers of the system of treatment, Tibetan spiritual leader the Dalai Lama said here Saturday.
Psychotherapy could be 32 times more cost effective at making you happy than simply obtaining more money, according to a new study.
Four Pakistani soldiers were killed in a Taliban rocket attack on their camp in the troubled northwestern borderlands, while the forces killed six militants in retaliatory fire, officials said Saturday.
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