Fed Says No New Stimulus

The Federal Reserve is taking a breather. Chairman Ben Bernanke said Wednesday the central bank will finish up some stimulus work next week as scheduled—a purchase of $600 billion in Treasury securities—and would not take any new steps to boost growth or jobs for now. In his second official press conference, Bernanke also downgraded the U.S. economy’s performance, saying that a moderate recovery is taking place, but it’s slower than expected. The Fed will keep interest rates at exceptionally low levels for several more months.