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Fed Extends Bond Buying Program
Via Fox Business
The Federal Reserve on Wednesday extended a program designed to keep long-term interest rates low but chose not to introduce any new stimulus to kick-start the sputtering U.S. economy.
The program, “Operation Twist,” was initiated by the Fed last year to keep long-term borrowing rates low on loans such as mortgages through a shift in the Fed’s portfolio toward securities with maturities of six years or longer.
The Fed will continue for the rest of 2012 to sell short-term securities and buy long-term securities.
“This continuation of the maturity extension program should put downward pressure on longer-term interest rates and help to make broader financial conditions more accommodative,” the Fed said in a statement accompanying its decision.
Interest rates will remain at their historically low range of 0% to 0.25% and no announcement was made regarding when the rate might be raised.
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