Fed holds steady on policy

The Federal Reserve on Tuesday announced that it would not take any new action on the economy, citing a a general easing of global economic pressures and the likelyhood for unemployment to continue declining. In a statement, the Fed noted that it "anticipates that economic conditions--including low rates of resource utilization and a subdued outlook for inflation over the medium run--are likely to warrant exceptionally low levels for the federal funds rate at least through late 2014." View the full statement.