ECONOMY

Fed to Keep Interest Rates Low Through 2013

By National Journal staff

Updated: August 9, 2011 | 3:09 p.m.
August 9, 2011 | 3:08 p.m.

The Federal Reserve announced on Tuesday that it would keep interest rates low through 2013, just as the already weak economy sustains jolts from the recent U.S. credit downgrade and a tumultuous few days on Wall Street.

The announcment means that the Fed will keep the fed funds rate near zero until after the 2012 elections.

According to Reuters, the central bank acknowledged that economic growth in the U.S. is "considerably slower" than expected.

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