This Just in: Fed Holds Rate at Record Low Amid Europe Crisis - Spokane, North Idaho News & Weather KHQ.com

This Just in: Fed Holds Rate at Record Low Amid Europe Crisis

WASHINGTON (AP) - The Federal Reserve suggests Europe's debt crisis raises a risk to the economy and pledges to hold rates at record low to make sure the recovery stays on track.

Wrapping up a two-day meeting Wednesday, the Fed in a 9-1 decision retained its pledge to hold rates at record-low levels for an "extended period." Doing so will energize the rebound.

While not mentioning Europe by name, the Fed says "financial conditions have become less supportive of economic growth ... largely reflecting developments abroad."
      

 

(Copyright 2010 by The Associated Press.  All Rights Reserved.)

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