U.S. Fed maintains program to buy government bonds
WASHINGTON, Dec. 14 (Xinhua) -- The U.S. Federal Reserve announced on Tuesday it would maintain the pace of its 600-billion- dollar Treasury bond-buying program in order to strengthen the economic recovery and tackle the high unemployment challenge."The economic recovery is continuing, though at a rate that has been insufficient to bring down unemployment," the central bank said in a statement after a policymaking panel meeting.
The Federal Open Market Committee (FOMC), the interest rate policy making body of the central bank, said that it will " continue expanding its holdings of securities as announced in November."
The Fed also decided to maintain the target range for the federal funds rate at the historically low level of zero to 0.25 percent to boost the economic recovery.
On Nov. 3, the Fed announced its plan to buy 600 billion dollars of government longer term bonds to foster maximum employment and price stability.
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