Fed: Economy 'Expanding Moderately,' Policy Unchanged
Signs suggest "that the economy has been expanding moderately" in recent months, "notwithstanding some apparent slowing in global growth," Federal Reserve Policymakers just reported.
And, as expected, they announced no policy changes that would either add or subtract to the amount of help the central bank gives the economy.
In "Fed speak":
-- "The Committee decided today to continue its program to extend the average maturity of its holdings of securities as announced in September."
-- "The Committee also decided to keep the target range for the federal funds rate at 0 to 1/4 percent and currently anticipates that economic conditions--including low rates of resource utilization and a subdued outlook for inflation over the medium run--are likely to warrant exceptionally low levels for the federal funds rate at least through mid-2013."
The policymakers also said they expect unemployment will continue to "decline only gradually " in coming months and that inflation "will settle, over coming quarters, at levels at or below" its targets.