Fed leaves rescue policies, interest rate unchanged

06/25/2009 | NYTimes.com

At its meeting that ended Wednesday, the Federal Reserve kept its benchmark overnight interest rate unchanged, as expected. Noting that the "pace of economic contraction is slowing," the central bank also maintained its rescue policies. Existing policies "will contribute to a gradual resumption of sustainable economic growth in a context of price stability," according to the Fed's statement. However, the central bank warned of persistent economic weakness.

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