NEW YORK (AP) — The stock market retreated from all-time highs Wednesday after the Federal Reserve said the U.S. economy still needed help from its stimulus program.
In its latest policy statement, the nation’s central bank said it will continue buying $85 billion in bonds every month and keep its benchmark short-term interest rate near zero. The bond purchases are designed to keep borrowing costs low to encourage hiring and investment. The Fed said it would “await more evidence” that the economy was improving before starting to pull back its stimulus program.
The Fed’s announcement was mostly expected by investors.