Fed: Full Recovery Will Take Years

    Federal Reserve Chairman Ben Bernake speaks during a press conference at the William McChesney Martin Federal Reserve Board Building in Washington, DC, June 22, 2011. The Federal Reserve said Wednesday it would again maintain its key interest rate near zero, citing concerns over the unexpectedly sluggish US economic recovery.   AFP PHOTO/Jim WATSON (Photo credit should read JIM WATSON/AFP/Getty Images)

    Jim Watson / AP Photo

    The Federal Reserve said Wednesday that it will keep interest rates low for over a year, extending a period of record-low rates to give additional lift to the struggling economy. The announcement previews the Fed’s more detailed forecast of economic trends, including interest rates, to be released later. The Fed said that the economy is growing at a moderate pace despite some signs of global turmoil. It has now kept interest rates at a record low for three years. Meanwhile, in an interview with Bloomberg Television, Treasury Secretary Timothy Geithner said that if the president is reelected, he doesn't expect to be asked to stay in office.

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