Fed stays the course on QE2, interest rates

The FOMC also decided to keep the short-term federal funds rate at 0 to 0.25 percent, where it has stood since late 2008, and reiterated Wednesday that it expects the rate to remain at “exceptionally low levels” for some time. 

As it did in a statement released last month, the committee also noted that both commodity prices and inflation have increased in recent months. But the policy-making group also expressed confidence that longer-term inflation expectations had essentially remained level, and said the economy was recovering at a “moderate pace.”

Sen. Mark KirkMark KirkGreat Lakes senators seek boost for maritime system GOP senators avoid Trump questions on rigged election Iran sending ships to Yemeni coast after US ship fires at Houthi sites MORE (Ill.) is among the GOP lawmakers to cast doubt on the current round of quantitative easing, telling Bernanke in a recent letter that the effort may need to come to an early end because of inflation concerns.