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Federal Reserve to Keep Interests Rates Low
NEW YORK (WKRC) -- A pleasant surprise from the Federal Reserve meeting in New York.
One that impacted the stock market.
Members of the Federal Reserve have decided to keep buying bonds to the tune of 85 billion a month to insure the economy continues to recover.
Economists were expecting the fed to pull back in which they would be reducing its assets spending by about 10 to 20 billion.
That didn't happen and the surprise sent stocks soaring.
The DOW closed today at 15,676.94, up 147 points. NASDAQ up 37 points.
On Main Street, the decision will keep long-term interest rates low to spur borrowing and spending.
Good news if you're in the market for a house or a car.
The fed says the economy is growing moderately and there are signs of job growth. But it says rising mortgage rates and government spending cuts are restraining that growth.
Today's move is aimed at keeping the economy moving forward.