1. Economy

    Fed: Low Interest Through 2013

    Treasury Secretary Timothy Geithner , left, and Federal Reserve Board Chairman Ben Bernanke, arrive for the Financial Stability Council meeting on the one-year anniversary of the Dodd-Frank Reform and Consumer Protection Act, Monday, July 18, 2011, at the Treasury Department in Washington.  (AP Photo/Susan Walsh)

    Susan Walsh, File / AP Photo

    The Federal Reserve says it will keep interest rates near zero for the next two years, acknowledging the economic recovery has been slower than it expected. Three Fed officials dissented with the decision. Stock markets climbed ahead of the Fed’s announcement, taking back some of the losses incurred during the sharp drop yesterday, but they were extremely volatile immediately following the statement. The Dow dropped, then recovered 222.8 points in six minutes.

    Read it at Reuters