Published December 17, 2009, 08:31 AM
Fed holds rates low to sustain recovery
The economy is growing, but only weakly. Layoffs have slowed, yet jobs remain scarce. And interest rates will need to rise — but not anytime soon.
WASHINGTON (AP) — The economy is growing, but only weakly. Layoffs have slowed, yet jobs remain scarce. And interest rates will need to rise — but not anytime soon.
That was the mixed picture sketched Wednesday by the Federal Reserve, which pledged to hold rates at a record low to reduce unemployment and sustain the recovery. And the assessment was reinforced by government data on inflation, home building and U.S. trade.
Tags: us business, business, economy, jobs, layoffs
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