The economy remains in a slump, motivating a Federal Reserve official, who is said to be President Obama’s favored candidate for vice chair of the Fed, to say that keeping interest rates at record-low levels is important.
Janet Yellen, head of the Federal Reserve Bank of San Francisco, said in a recent speech that the Fed remains committed to doing what’s necessary to hold down interest rates.
"Any significant run-up in mortgage rates would create risks for a housing recovery," she said.
Source: Associated Press, Jeannine Aversa (03/23/2010)
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