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Fed extends low-rate pledge through late 2014 *PIC*

Fed extends low-rate pledge through late 2014 (by Steve Goldstein)

WASHINGTON (MarketWatch) -- The Federal Reserve's interest-rate-setting committee on Wednesday extended its pledge to keep interest rates at exceptionally low levels to late 2014, compared to a previous target of mid-2013. In a 9-to-1 vote, the Federal Open Market Committee also kept its Operation Twist program of selling short-term Treasurys and buying longer-term ones as it held its target Fed fund rate between 0% to 0.25%. The Fed repeated its description of the economy as "expanding moderately" and now calls inflation "subdued" rather than noting that it had moderated. The dissenter, Richmond Fed President Jeffrey Lacker, preferred to omit the description of the time period over which conditions are likely to warrant exceptionally low rates.