Fed downgrades economy view, doesn't alter policy has the breaking news story:
"The Federal Reserve on Wednesday downgraded its view on the economy but
otherwise didn't make make any changes to its key interest rate,
low-rate pledge, or asset-buying plans. The Federal Open Market
Committee now says "economic activity decelerated somewhat over the
first half of the year," vs. a prior description of saying the "economy
has been expanding moderately." The decision not to extend its low-rate
pledge beyond the current "late 2014" came as a surprise. The Fed kept
its federal funds rate target between 0% and 0.25% and said it "will
provide additional accommodation as needed to promote a stronger
economic recovery and sustained improvement in labor market conditions
in a context of price stability." The vote was 11-1, with Richmond Fed
President Jeffrey Lacker preferring to omit the time period over which
economic conditions are likely to warrant an exceptionally low rate."
More to come.
Thanks. Bob.
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