Awwal 23, 1432 / April 27, 2011, SPA -- The US Federal Reserve left interest rates at a record low of near 0 per cent on Wednesday, saying inflation remains stable as the economic recovery is proceeding at a moderate pace, dpa reported. The central bank kept its key interest rate at 0-0.25 per cent following a meeting of its Board of Governors. The Federal Reserve said the current expectations of the economy's performance justified "exceptionally low levels for the federal funds rate for an extended period." The Fed said that even though turmoil in the Middle East has pushed up oil and gas prices, indications of long-term inflation were still minimal. The Fed said its unprecedented effort to inject money into the economy by buying up 600 billion dollars in government bonds by the end of June, which the current fiscal quarter ends, remained in place. The Fed will continue to monitor economic trends and adjust its security holdings to maximize employment and price stability. The announcement came less than two hours before Federal Reserve Chairman Ben Bernanke was scheduled to hold an unprecedented press conference to take questions on the Fed's decision and its monetary policy.
