Year: 2012
Rate: Remains at a range of zero percent to 0.25 percent
The details: The U.S. economy struggles with a jobless recovery. A turnaround, thanks to billions of dollars in federal government stimulus, is weak because millions without jobs are vying for too few openings.
The Fed keeps pumping money into the economy, trying to boost the recovery. It keeps the federal funds rate in a range of zero percent to 0.25 percent. "We have enormous uncertainty and lack of confidence in our government,'' Meltzer says of the ongoing economic hangover. "Uncertainty is the enemy of investment and (consumer) consumption.''
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