SPDR S&P 500 (SPY)

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Fed statement benign,

"WASHINGTON - The U.S. Federal Reserve says the recession is easing, but the economy likely will remain weak and keep a lid on inflation.

Against this backdrop, the Fed held a key bank lending rate at a record low of between zero and 0.25 per cent, and pledged again to keep it there for "an extended period."

Even though energy and other commodity prices have risen recently, the Fed predicted inflation will remain "subdued for some time."

This new language sought to ease Wall Street's concerns that the Fed's aggressive actions to revive the economy will spur inflation later on. "

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