Fed: Full Recovery Will Take Years

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.