Staying Put

Federal Reserve Holds Interest Rates

Don’t bank on much more of an economic recovery in 2011: Unemployment is unlikely drop below the 9.7 jobless rate achieved in February, according to Treasury Secretary Timothy Geithner, White House Budget Director Peter Orszag, and Council of Economic Advisers Chairwoman Christina Romer. “We do not expect further declines in unemployment this year,” they said in a statement. The Federal Reserve, meanwhile, said that it will keep the benchmark rates near zero and that they will stay low for an “extended period” while the economy recovers.