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| Version 0 | Version 1 |
|---|---|
| US interest rates remain on hold | US interest rates remain on hold |
| (20 minutes later) | |
| The Federal Reserve has decided to keep US interest rates on hold at between 0% and 0.25%, as widely expected. | The Federal Reserve has decided to keep US interest rates on hold at between 0% and 0.25%, as widely expected. |
| It said that while "economic activity is likely to remain weak for a time", it had begun to "level off", suggesting the worst of the recession is over. | It said that while "economic activity is likely to remain weak for a time", it had begun to "level off", suggesting the worst of the recession is over. |
| The central bank added that the current low levels of interest rates will likely continue "for an extended period" to aid the recovery. | The central bank added that the current low levels of interest rates will likely continue "for an extended period" to aid the recovery. |
| Its comments come amid growing signs of an upturn in the US economy. | Its comments come amid growing signs of an upturn in the US economy. |
| While US unemployment rose again last month, the 247,000 job cuts were far fewer than analysts had expected. | While US unemployment rose again last month, the 247,000 job cuts were far fewer than analysts had expected. |
| Other recent official figures showed that US consumer spending had risen in June for a second successive month, while worker productivity had increased at its fastest annual pace for nearly six years in the second quarter of 2009. | Other recent official figures showed that US consumer spending had risen in June for a second successive month, while worker productivity had increased at its fastest annual pace for nearly six years in the second quarter of 2009. |
| In addition, figures on Wednesday showed that US exports had risen by 2% to $125.8bn (£76bn) in June, a sign that the manufacturing sector was improving. | In addition, figures on Wednesday showed that US exports had risen by 2% to $125.8bn (£76bn) in June, a sign that the manufacturing sector was improving. |
| Stimulus measures | Stimulus measures |
| The Fed and the US government have carried out a number of measures to help stimulate the US economy since the end of last year. | The Fed and the US government have carried out a number of measures to help stimulate the US economy since the end of last year. |
| The main two have been President Obama's $787bn economic stimulus package, which was signed into law in February, and October's $700bn Troubled Assets Relief Program for the banking sector. | |
| In March, the Fed also announced a $1.2 trillion programme of buying government debt to boost lending and promote economic recovery - a policy known as quantitative easing. | In March, the Fed also announced a $1.2 trillion programme of buying government debt to boost lending and promote economic recovery - a policy known as quantitative easing. |
| US interest rates were cut to the current level of between 0% and 0.25% in December last year, where they have remained ever since. | US interest rates were cut to the current level of between 0% and 0.25% in December last year, where they have remained ever since. |
| Before then rates had fallen steadily from a high of 5.25% in September 2007. | Before then rates had fallen steadily from a high of 5.25% in September 2007. |