(MENAFN) The US Federal Open Market Committee (FOMC) stated that so far this year, the country's economy has been growing in a moderate pace, reported Xinhua News.
The Fed's powerful interest rate setting panel added that in recent months, employment has posted slow growth, with jobless rate still at high levels.
On the other hand, the Fed said it would prolong a bond-purchasing program in order to lessen long-term interest rates, through extending the average maturity of its holdings of securities through the end of 2012.
The FOMC will buy Treasury securities with remaining maturities of 6 years to 30 years at the current pace and will sell or redeem an equal amount of Treasury securities with remaining maturities of around 3 years or less.
It is worth noting that during the current year, the US economy is expected to grow by 1.9 percent to 2.4 percent according to the Fed, compared with April's forecasts of 2.4 percent to 2.9 percent.
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