Fed Keeps Interest Rates Unchanged

The Federal Reserve has announced that they will not change interest rates and keep the Fed rate at 0.00-0.25%.

The Federal Reserve has decided to hold interest rates at a record low and pledged to keep them there for an "extended period" to keep the recovery going and drive down double-digit unemployment.

In a more upbeat assessment, the Fed says the economy has "continued to pick up" and that "deterioration in the labor market is abating," a nod to the recent slowdown in the pace of layoffs.

The Fed says it expects to wind down some emergency lending programs when they are set to expire next year.