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Fed To Expand Asset Purchases Next Year

Central bank says it will keep rates low as long as the jobless rate is above 6.5%.

By Joshua Zumbrun and Jeff Kearns, Bloomberg | Updated on December 12, 2012

The Federal Reserve said it will buy $45 billion a month of Treasury securities starting in January, expanding its asset-purchase program, and it linked the outlook for its main interest rate to unemployment and inflation.

“The committee remains concerned that, without sufficient policy accommodation, economic growth might not be strong enough to generate sustained improvement in labor-market conditions,” the Federal Open Market Committee said today at the conclusion of a two-day meeting in Washington.

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