Fed hints of future action on US economy

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The US central bank has decided not to take further action to rejuvenate the country's economy but hinted it may do more later if needed.

It kept interest rates steady and made no change to monetary policy after its one-day meeting. But it expressed greater concern than previously about the sluggish pace of economic growth and low inflation, the BBC reports. The economy - with unemployment close to 10% - is set to dominate November's mid-term elections. The US recession ended in June 2009, but recovery has lost momentum this year with growth at an annualised rate of 1.6% in the second three months of 2010. The Fed cut key interest rates to near zero in December 2008 and later put money into the economy by buying $...

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