The economy is improving, the Federal Reserve said Wednesday, but not enough to warrant higher interest rates for at least two-and-a-half more years.
The central bank indicated that it expects to keep the federal funds rate near historic lows until late 2014 - an extension from the Fed's original pledge to keep rates low through mid 2013.
The "economy has been expanding moderately, notwithstanding some slowing in global growth," the Fed said in a statement Wednesday.
More details will be released at 2 p.m. ET, when the Fed will release forecasts for the federal funds rate for the first time ever.FULL STORY
The number of Americans filing for their first week of unemployment benefits dropped sharply for the second straight week.
In the week ended May 14, 409,000 Americans filed for their first week of unemployment benefits, the Labor Department said Thursday.FULL CNNMONEY.COM STORY