FOMC Leaves Key Rates Unchanged

" Yeah there's no change in interest rates and the Federal Open Market Committee continues to believe that economic conditions are likely to warrant exceptionally low levels. The Fed funds rate for an extended period. No change in that language either. According to the FOMC. The information received since the the committee -- the committee last met in September. They just that economic activity has continued to pick up. Pick up according to the FOMC statement. Continuing on here according conditions in financial markets are roughly unchanged on balance over the -- the -- period activity in the housing sector has increased over recent months. Household spending appears to be expanding but remains constrained by ongoing job losses sluggish income growth lower housing wealth and tight credit. Businesses are still cutting back on fixed investment and staff think the with a lower at a slower pace. They continue to make progress in bringing inventories stocks and the better alignment with sales. Although economic activity is likely to remain weak for a time the committee anticipates the policy actions to stabilize financial markets and institutions. Fiscal and monetary stimulus and market forces. Will support a strengthening of economic growth and a gradual return to higher levels of resource utilization in the context of price stability. With substantial resource slack likely to continue to dampen cost pressures and -- longer term inflation expectations stable. The committee expects that inflation will remain subdued. For some time. In these circumstances the Federal Reserve will continue to employ and a wide range of tools to promote economic recovery and to preserve price stability the committee again unanimously voting to maintain its target range for the Fed funds rate at 021. Quarter of a percent and continues to anticipate that economic conditions including lower rates of resource utilization. Subdued inflation trends and stable inflation expectations. Are likely to warrant exceptionally low levels of the Fed funds rate or an extended period that the Fed has made tweak it to its programs. Dubai securities. To support. Mortgage lending and the housing markets and help to keep mortgage rates. Low. It has decided to cut back purchases up of as Fannie and Freddie securities agency debt. From previously. Targeted 200 million. 275. Million and says that this reduction is consistent with the recent path of purchases and reflects the limited availability. Of agency debt. It is still on target to -- 101 point five trillion. Of agency mortgage backed securities that's a separate number and has reported the FO and see the Fed has completed its 300 billion dollars in purchases of treasury securities also designed to keep interest rates hello I'm Peter Barnes reporting from the Treasury Department back --"