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Fed to keep interest rates low

Wednesday, Mar 19, 2014 - 01:22

March 19 - Fed chair says rates will stay unusually low, even after economy recovers. Rough Cut (no reporter narration).

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ROUGH CUT (NO REPORTER NARRATION) The Federal Reserve on Wednesday said it would keep interest rates unusually low even after the U.S. job market returns to full strength and inflation rises to the central bank's target. It said, however, that dropping a promise to hold rates steady, even once the U.S. employment rate falls below 6.5 percent, did not indicate any change in its policy intentions. (SOUNDBITE) (English) JANET YELLEN, CHAIRWOMAN OF THE FEDERAL RESERVE SAYING: "The Federal open market commission concluded a two day meeting earlier today. As you already know from our statement, the committee decided to make another modest reduction in the pace of its purchases of longer-term securities. The committee also updated its guidance regarding the likely future path of the short term interest rates. As I'll explain more fully in a moment, this change in our guidance does not indicate any change in the committees policy intentions, as set forth in its recent statements."

Fed to keep interest rates low

Wednesday, Mar 19, 2014 - 01:22

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