TheFederal Reserve announced it will maintain its target for the federal fundsrate in the 0 percent to 0.25 percent range, and continues to expect economicconditions to warrant exceptionally low levels of the federal funds rate for anextended period of time. “Information ? suggests that economic activity hascontinued to strengthen and that the labor market is beginning toimprove," the Fed said in a prepared statement.

"Growthin economic household spending has picked up recently but remains constrainedby high unemployment, modest income growth, lower housing wealth, and tightcredit," the Fed said.  "Housing starts have edged up but remainat a depressed level.  While bank lending continues to contract, financialmarket conditions remain supportive of economic growth.  Although the paceof economic recovery is likely to be moderate for a time, the Committeeanticipates a gradual return to higher levels of resource utilization in acontext of price stability."

Inlight of improved functioning of financial markets, the Federal Reserve hasclosed all but one of the special liquidity facilities that it created tosupport markets during the crisis.  The only remaining such program, theTerm Asset-Backed Securities Loan Facility, is scheduled to close on June 30for loans backed by new-issue commercial mortgage-backed securities; it closedon March 31 for loans backed by all other types of collateral.

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