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June 24, 2010    

US Fed keeps interest rates at record low

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by Kay Murchie

The Federal Reserve has this week elected to keep US interest rates at the historically low level of between 0% and 0.25%, as widely expected.

Interest rates in the world’s largest economy have been at the low level since December 2008 and the bank has previously said that as a result of subdued inflation and high unemployment, low interest rates are required for “an extended period”.

It has reiterated this pledge in the latest rate-setting meeting in order to help the economy recover from its worst recession in decades.

Fed chairman Ben Bernanke said: “The pace of economic recovery is likely to be moderate for a time.”

Earlier this week, Mr Bernanke said he was confident that the US won’t fall back into a “double dip” recession but remains cautious at the same time.

Meanwhile, Tom Hoeing was the only member of the 10-strong committee to oppose the “extended period” pledge.

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