Federal Reserve Chairman Ben S. Bernanke said the Fed will probably hold down its target interest rate long after ending $85 billion in monthly bond buying, and possibly after unemployment falls below 6.5%.
The target for the federal funds rate is likely to remain near zero for a considerable time after the asset purchases end, perhaps well after the jobless rate breaches the Feds 6.5% threshold, Bernanke said yesterday in a speech to economists in Washington. A preponderance of data will be needed to begin removing accommodation, he said.
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