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June 23, 2010, 2:16 p.m. EDT ·

Fed stands pat on rates, downgrades outlookRelated stories
Caution is the word as Fed wraps up meeting (9:44a)
Hiding in plain sight, Fed to maintain status quo (June 21)
Dollar turns higher as new-home sales fall (10:54a)
U.S. stocks dragged down by dismal home sales data (12:55p)


Greg Robb WASHINGTON (MarketWatch) -- The Federal Reserve on Wednesday left its target for the federal funds rate at a range of zero to 0.25% and maintained its pledge to keep rates at this historic low level for an "extended period" to support the recovery. In a statement after their two-day meeting, the Fed downgraded the outlook. They said financial conditions "have become less supportive of economic growth" largely as a result of the European debt crisis. There was one dissent from the policy statement by Thomas Hoenig, the president of the Kansas City Federal Reserve Bank. Hoenig has dissented from every statement this year.



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