WASHINGTON (AP) — The Federal Reserve acknowledges that the economy is growing more slowly than it expected. But it plans to complete its $600 billion Treasury bond buying program by the end of the month.
Concluding a two-day meeting, the Fed repeated a pledge to keep interest rates at record lows for “an extended period.” But it believes the main causes of the slowdown, such as high gas prices, are temporary and announced no new efforts to stimulate the economy.
As expected, the central bank said it would keep its massive holdings of Treasury bonds at current levels, an action designed to keep consumer and business loan rates at low levels.
