(MENAFN) The US Federal Reserve renewed a pledge to keep interest rates near 0 for a 'considerable time' and repeated concerns over slack in the labor market, Gulf Daily News reported.
The Fed repeated its assurance that rates would stay ultra-low for a considerable time after a bond-buying stimulus program wraps up, the Federal Reserve said in a statement.
The federal announced a further USD10 billion reduction in its monthly purchases, leaving the program on course to be shuttered next month, the statement added.
The policy-setting Federal Open Market Committee also repeated its assessment that a significant amount of slack remains in the US labor market, a sign it is no rush to raise benchmark borrowing costs.
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