US Federal Reserve policymakers said yesterday that “economic activity is levelling out” while giving no indication that they would step up emergency measures adopted to stimulate the flow of credit.
The Fed said that it would complete its planned $300bn Treasury purchases by October – a month later than expected – but there was no echo of the Bank of England's decision last week to expand its government debt buying programme. The plans are one way to ease monetary policy even when interest rates are close to zero.
Nor was there any change to the Fed's pledge to hold interest rates at “exceptionally low levels . . . for an extended period” as the key federal funds rate was maintained at 0 per cent to 0.25 per cent.
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