Posted: Aug 1, 2012 12:00 PM by Associated Press
WASHINGTON (AP) - The Federal Reserve says the economy is losing strength and repeated a pledge to take further steps if the job market doesn't show sustained improvement.
The Fed took no new action after its two-day policy meeting. But it acknowledged that economic activity had slowed over the first half of the year, unemployment remains elevated and consumer spending has weakened.
Policymakers repeated their plan to hold short-term interest rates at record low levels until at least late 2014.
Most economists say the Fed is likely to go further at its September meeting by launching another bond-buying program to drive down long-term interest rates.
The statement was approved on an 11-1 vote. Jeffrey Lacker, president of the Federal Reserve Bank of Richmond, dissented for a fifth time this year.
PLEASE HELP US MODERATE COMMENTS
Offensive or inappropriate comments are subject to removal. To report a comment, please e-mail us at firstname.lastname@example.org, and include the name of the story and information on the comment.
Thank you! KSBY.com
Get deals up to 80% off here!
Find the lowest gas prices in your area
Submit your photos to KSBY
Check out our calendar of events
Watch Daybreak Web Videos in full
Save with Hot Deals across our counties!
Events across the Central Coast
Follow The CW5 on Facebook.
The KSBY online public file.
What do you think? Leave us your feedback.
KSBY is your official CA Lottery station for San Luis Obispo and Santa Barbara Counties