Fed holds interest rates near zero, says economy has weakened further in past month

Source: CNN

Breaking News Fed holds interest rates near zero, says economy has weakened further in past month

Read more: http://www.cnn.com/

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http://money.cnn.com/2009/01/28/news/economy/fed_decision/index.htm?postversion=2009012814

Fed leaves rates near zero

NEW YORK (CNNMoney.com) -- The Federal Reserve kept its key interest rate near 0%, and said it is prepared to take additional steps to try to fix the troubled U.S. economy and credit markets.

The Fed said it stands ready to purchase longer-term Treasurys if it determines that such a move will help get credit flowing once again. This may help lower the yield on the government bonds and further lower the rates on various types of loans tied to Treasurys.

The central bank also gave a bleak outlook for the U.S. economy, saying that while it expected a "gradual recovery" to begin later this year, significant risks remain.

"Industrial production, housing starts, and employment have continued to decline steeply, as consumers and businesses have cut back spending," the Fed said in the statement. "Furthermore, global demand appears to be slowing significantly."

...speculators and insiders are the only people getting credit and that is so they can screw the rest of us out of what little we have left