The Federal Reserve said it will not raise interest rates until at least late 2014, even later than investors expected, in an effort to support a sluggish economic recovery. The central bank noted unemployment is still high and said it expects inflation to remain stable. The Fed also said business investment has slowed and said economic conditions "are likely to warrant exceptionally low levels for the federal funds rate at least through late 2014." The news helped the Dow reverse a bad day, even though it was not unexpected. “I don’t think there’s much in this latest Fed announcement,” Alan Valdes, VP of trading at DME Securities, told CNBC.
