Fed Officials Say They Plan To Keep Interest Rates Low For Extended Period

Federal Reserve officials said they plan to keep the main interest rate near zero for an "extended period" and confirmed that $1.25 trillion in purchases of mortgage-backed securities will end this month, according to a Bloomberg report.

The Federal Open Market Committee said in a statement, "Economic conditions, including low rates of resource utilization, subdued inflation trends, and stable inflation expectations, are likely to warrant exceptionally low levels of the federal funds rate for an extended period.

The FOMC added, "The Committee will continue to monitor the economic outlook and financial developments and will employ its policy tools as necessary to promote economic recovery and price stability."