US Federal Reserve keeps interest rates at record low
Washington |Thursday, 2009 5:35:06 AM IST
 

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."

--DPA

sy

( 156 Words)

2009-11-05-01:57:44 (IANS)

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