Fed Leaves Rate Unchanged, Will Try Other Tactics

Economy has weakened further, committee concludes at meeting
By Newser Editors and Wire Services
Posted Jan 28, 2009 1:35 PM CST
President Barack Obama, greets Federal Reserve Chairman Ben Bernanke, left, following the swearing-in of Treasury Secretary Timothy Geithner on Monday.   (AP Photo)
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(Newser) – The Federal Reserve said the US economy has weakened further and signaled it will keep a key interest rate near zero for quite "some time" to cushion the fallout. The Fed agreed—with one dissenting vote—to keep the targeted range for the federal funds rate at a record low of between 0% and 0.25%. Having taken the unprecedented step of slashing its key rate to near zero at its previous meeting in December, the central bank pledged anew to look to other unconventional ways to revive the economy.