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Fed Under Pressure to Act as World Markets Swoon

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"The Fed took the unprecedented step of promising to keep interest rates near zero for two years, while considering further action."

Reuters, Pedro da Costa and Mark Felsenthal

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The Federal Reserve on Tuesday took the unprecedented step of promising to keep interest rates near zero for at least two more years, adding it was considering further action, sparking a rebound in stocks.

Investors were still unsure whether the Fed's even stronger promise to maintain rates at rock-bottom lows until mid-2013 would be enough to revive a flagging economic recovery. . .View full article


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