Zero-percent rates will linger: Fed's Bullard

The Federal Reserve has promised investors that its ultralow interest rates will linger even if the economy picks up, James Bullard, the president of the Federal Reserve Bank of St. Louis, said Tuesday.

"Monetary policy is very accommodative now. It will remain very accommodative for an extended period," Bullard said in a speech in Philadelphia.

Rather than focusing on rates, the Fed's innovative asset purchase programs will be the central focus of policymakers, Bullard said.

At a policy meeting last week, Fed officials made no changes to the central bank's policy stance. Officials said that rates would remain low for an "extended period." The bank was also less worried about downside risks to the economy from deflation or weak growth. See full story.

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- Posted: 2009-06-30 12:57:36

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