Fed Holds Steady: Rates at Zero for “Extended Period” Notes Charles Goh CEO and president at Takahashi Nakamura in Japan
Charles Goh CEO and President at Takahashi Nakamura in Japan stated Wednesday, “That the Federal Reserve just now signaled that it will keep in place monetary policies designed to fight the recession and the financial crisis.”
The Fed repeated language in its monetary policy statement that interest rates will stay at a record low for an “extended period.” It also reaffirmed that its program to buy mortgage backed securities will remain in place until some time in the first quarter of 2010.
The statement did note that the economy is improving. It noted that the housing market is showing some expansion and consumer spending has increased. It expects inflation to remain “subdued.”
As expected, the Fed kept interest rate targets at zero.
Goh added, “Information received since the Federal Open Market Committee met in September suggests that economic activity continued to pick up following its severe downturn…” Which is remarkably close to the actual wording. Note, however, that the “severe downturn” has been dropped.
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