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US Fed says economy 'picked up' US Fed says economy 'picked up'
(20 minutes later)
The US Federal Reserve has said economic activity is "picking up" but that it expects to keep interest rates close to zero for an "extended time".The US Federal Reserve has said economic activity is "picking up" but that it expects to keep interest rates close to zero for an "extended time".
Its comments came as it confirmed it was keeping the rate at its record low level seen since December.Its comments came as it confirmed it was keeping the rate at its record low level seen since December.
Economists predict that the rate will stay at this level throughout the rest of this year, and perhaps into 2010.Economists predict that the rate will stay at this level throughout the rest of this year, and perhaps into 2010.
In comments earlier this month, the Fed chief Ben Bernanke said he was confident the US was out of recession.In comments earlier this month, the Fed chief Ben Bernanke said he was confident the US was out of recession.
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.
Unemployment impact
The Fed policymakers voted unanimously to hold rates, They also pledged to continue a program with $1.45 trillion to help keep credit flowing to the housing market and other segments of the economy by purchasing mortgage securities and other assets.
Earlier this month, Mr Bernanke said the US economy would still feel "very weak" to Americans concerned about job security.
Unemployment, which is set to move above 10% this year, may impact on consumer behaviour, the Fed has warned.