In the wake of the partial government shutdown, the Federal Reserve is continuing monthly asset purchases.
FOMC members are split on when to end quantitative easing, some favoring as early as the end of this year.
The FOMC left the benchmark rate low and expanded the stimulus program known as QE3 — but tied its rate forecast to unemployment and inflation.
The FOMC will keep the federal funds rate at its current ultralow level and voted to expand the bond-buying program announced in September, known as QE3.
According to the minutes from the October meeting, the FOMC discussed how to effectively communicate the path of interest rates and additional asset purchases.
Interest rates will remain painfully low for savers, while borrowers who qualify will find the mortgage rates of a lifetime. Credit card rates will remain low, as will car loan rates.
The Fed, faced with a laundry list of economic troubles and stubborn unemployment, decided to go all-in on job growth.
QE3 is bad news for CD investors in the short term, but if it works it could help CD rates recover over the long term.
Now that the Fed hit the panic button, how low do you think mortgage rates will go?
At a scheduled press conference, Federal Reserve Chairman Ben Bernanke cited the continued struggles of the U.S. job market as the reason for announcing QE3.