Federal Reserve announced it will maintain its target for the federal funds
rate in the 0 percent to 0.25 percent range, and continues to expect economic
conditions to warrant exceptionally low levels of the federal funds rate for an
extended period of time. “Information ? suggests that economic activity has
continued to strengthen and that the labor market is beginning to
improve," the Fed said in a prepared statement.
in economic household spending has picked up recently but remains constrained
by high unemployment, modest income growth, lower housing wealth, and tight
credit," the Fed said. "Housing starts have edged up but remain
at a depressed level. While bank lending continues to contract, financial
market conditions remain supportive of economic growth. Although the pace
of economic recovery is likely to be moderate for a time, the Committee
anticipates a gradual return to higher levels of resource utilization in a
context of price stability."
light of improved functioning of financial markets, the Federal Reserve has
closed all but one of the special liquidity facilities that it created to
support markets during the crisis. The only remaining such program, the
Term Asset-Backed Securities Loan Facility, is scheduled to close on June 30
for loans backed by new-issue commercial mortgage-backed securities; it closed
on March 31 for loans backed by all other types of collateral.
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