September 23, 2009 – 11:02 am
When Federal Reserve chairman Ben Bernanke called the recession “very likely over” last week, there was some talk about whether his colleagues on the Federal Open Market Committee agreed. In the policy statement issued Wednesday afternoon, it looks clear that they do.
“Economic activity has picked up following its severe downturn,” reads the Fed’s statement in the first paragraph. The FOMC agreed to keep short-term interest rates at exceptionally low levels “for an extended period,” and none of the 10 voters dissented from the expectation that “inflation will remain subdued for some time.”...(
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