The Dow closed up 54 points today. Man, I wish I could borrow some of that free money to play the market with and write million dollar bonuses for me!Fed remains cautious despite good economic newsKeeps rates at historic lows; only minor changes to statement
By Greg Robb, MarketWatch
WASHINGTON (MarketWatch) -- Deciding once again that the economy remains too fragile for higher interest rates, a cautious Federal Reserve kept monetary policy on hold Tuesday and repeated that conditions requiring low rates were likely to remain for an extended period.
As expected, the Fed was more upbeat in its statement about the economic outlook, saying the economy was continuing to strengthen and that the labor market is beginning to improve.
The Fed statement made no mention of the fiscal crisis in Greece but developments in Europe may have played a part in the decision to issue a cautious statement, analysts said....
In its statement, the Fed said it "will maintain the target range for the federal funds rate at 0 to 0.25 percent and continues to anticipate that economic conditions, including low rates of resource utilization, subdued inflation trends, and stable inflation expectations, are likely to warrant exceptionally low levels of the federal funds rate for an extended period."
The Fed has kept interest rates near zero at every meeting since December 2008.
http://www.marketwatch.com/story/story/print?guid=ED6C0C9E-F9A9-4693-A701-025BB5223DC5
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