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Winnipeg Free Press - PRINT EDITION
Fed eyes action on U.S. economy
WASHINGTON -- The Federal Reserve said Wednesday the U.S. economy is losing strength and repeated a pledge to try to boost growth if hiring remains weak.
The Fed took no new action after a two-day policy meeting. But, in a statement released after the meeting, it appeared to signal a growing inclination to take further steps to lift the economy out of its funk. The Fed noted growth had slowed over the first half of the year, with job creation slackening and consumer spending tapering off.
The Fed reiterated its plan to hold its benchmark short-term interest rate at a record low near zero until at least late 2014.
Many economists believe the Fed could launch another program of buying government bonds and mortgage-backed securities at its September meeting if the economy doesn't show improvement.
The goal of such a program, which is known as quantitative easing, would be to drive long-term rates, which are already at record lows, even lower.
-- The Associated Press
Republished from the Winnipeg Free Press print edition August 2, 2012 B8
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