Because the economy and financial markets have improved, we have been able to wind down our special liquidity facilities and complete our purchases of long-term assets, like mortgage-backed securities.
But because the recovery looks as though it will be gradual, and because it started with the economy in a deep hole, with large margins of underutilized labor and capital resources and low inflation likely to persist well into the future, the Federal Open Market Committee has stated that the current exceptionally low level of interest rates is likely to be required for “an extended period” to make progress toward our legislative goals of maximum employment and stable prices.