Fed to Keep Interest Rates Near Zero

The Federal Reserve will end a much-maligned program of buying government bonds at the end of the June, but it will keep interest rates at the bottom-basement slot where they’ve been for some time. The move signals that despite increases in the cost of gasoline and other commodities, the central bank is more concerned about stimulating growth than it is about inflation. Meanwhile, the bank will end its bond-buying program—commonly known as “QE2”—after spending some $600 billion. While that was intended to stimulate growth and add jobs to the economy, the results have been disappointing, with unemployment still near 9 percent and the economy growing slowly. Fed chair Ben Bernanke held a press conference Wednesday afternoon, the first such event for a Fed chief.