By Jeff Kearns and Steve Matthews
The Federal Reserve maintained a commitment to keep interest rates near zero for a “considerable time” after asset purchases are completed, saying the economy is expanding at a moderate pace and inflation is below its goal.
“The labor market has yet to fully recover,” Fed Chair Janet Yellen said at a press conference after a meeting of the Federal Open Market Committee today in Washington. “There are still too many people who want jobs but can’t find them.” She added that “inflation has been running below the committee’s 2 percent objective.” In July, the Fed said inflation was “somewhat closer” to its goal.
