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Fed holds rates before forecast, Bernanke presser *PIC*

Fed holds rates before forecast, Bernanke presser (by Steve Goldstein)

WASHINGTON (MarketWatch) -- The U.S. Federal Reserve on Wednesday kept interest rates at the same level it has since December 2008 and made no substantive tweaks to either its asset purchase program or the language describing the economy ahead of the release of a new forecast and a press conference from Fed Chairman Ben Bernanke. By an nine-to-one vote, the Fed kept its targeted Fed funds rate between 0% and 0.25%, didn't change its Operation Twist program, and said rates are likely to warrant "exceptionally low levels" at least through late 2014. The Fed again described the economy as "expanding moderately," and in a departure from last month, said economic growth will remain moderate over coming quarters and then "pick up gradually." After a temporary lift from oil and gas prices, inflation will run at or below the rate the central bank judges most consistent with its dual mandate, the Fed said. As he had previously, Richmond Fed President Jeffrey Lacker opposed the decision on the grounds that he doesn't think rates will need to be exceptionally low through late 2014.

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Fed holds rates before forecast, Bernanke presser *PIC*
Today's Full FOMC Press Release