WASHINGTON (Reuters) – The Federal Reserve on Tuesday took the unprecedented step of promising to keep interest rates near zero for at least two more years and said it would consider further steps to help growth, sparking a rebound in stocks.
Fed to keep rates low for two years, stocks jump
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At least they gave a time frame. That in itself will have a stabilizing effect. Traders and business people hate when the Fed acts in mysterious ways. Under the current panicked conditions nothing is more welcome than eliminating uncertainty… except perhaps eliminating the Fed.