The Federal Reserve Open Market Committee (FOMC) issued its statement indicating again that interest rates will remain low for an extended period of time. Thomas Hoenig dissented against the FOMC statement and wants a much tighter monetary policy. He still remains the only voice against the statement but is said to favor a change in language, not an immediate rise in interest rates.

The FOMC mentioned continued economic improvement but indicated that it was a mixed picture with high unemployment and depressed housing. With unemployment expected to remain elevated for the foreseeable future and little inflationary pressure from the CPI thus far, it is in no rush to tighten.

The Federal Reserve Open Market Committee (FOMC) issued its statement indicating again that interest rates will remain low for an extended period of time. The decision was not unanimous with one dissenting vote.

The Fed has in essence decided to continue its current course of discontinuing quantitative easing and developing a plan that it can tighten monetary policy quite quickly if necessary. It also offered assurance that monetary policy will be loose with the rates staying low for an extended period of time.