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Article: US Fed sees rates near zero for 'extended period'.(Main Business)
- Article from:
- Manila Bulletin
- Article date:
- November 5, 2009
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WASHINGTON, Nov. 5 (Reuters) – The US Federal Reserve on Wednesday expressed growing confidence that an economic recovery was building, even as it stuck to its commitment to keep borrowing costs near zero for ''an extended period.''As expected, the central bank closed out a two-day meeting with a decision to keep benchmark overnight interest rates in a range of zero to 0.25 percent. The vote was unanimous.In a statement, the Fed said the US economy had ''continued to pick up'' since its last meeting in September, but it expressed concern the recovery was likely to be muted.''Household spending appears to be expanding but remains constrained by ongoing job losses, ...