WASHINGTON -- Federal Reserve policymakers voted Wednesday to continue reducing their bond-buying stimulus program and said they no longer would consider raising its near-zero interest rate once the unemployment rate fell below 6.5%.
The Federal Open Market Committee voted 8-1 to cut its monthly bond purchases to $55 billion, staying on pace to end the controversial program by the end of the year. The economy grew slower this winter, but that was partly because of bad weather.
Still, Fed officials downgraded their growth projections. They estimated the economy would expand at a rate of 2.8% to 3% this year, down from the December projection of 2.8% to 3.2%.
Federal Reserve Chairwoman Janet Yellen offered new assurances the Fed intends to keep interest rates low, describing in unusually personal terms why the economy needs these policies to support a weak job market.
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