The Federal Reserve's pledge this week to hold firm on its prime lending rate of between zero and 0.25 percent is further evidence the economy continues to grow, albeit rather slowly.
Economic activity continues to grow but the tide won't turn until job creation picks up, according to Fed chairman Ben Bernanke. Tighter credit restrictions also could hamper a recovery.
The decision to hold firm on rates charged banks for money is good news for home and car buyers and students with long-term debts. The fed normally only gets involved in short-term rates but stepped up regulation after the financial meltdown.
The Federal Reserve began buying longer-term Treasuries to keep those rates lower than they would on the open market, The Associated Press reports.
Opinion
Record low loan rates
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Outhouse enthusiast’s hobby more than a relief
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Homosexuals must convince themselves, God
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Keep the capitol gun-free
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Outhouse enthusiast’s hobby more than a relief
