BREAKING NEWS: Fed Leaves Rates Unchanged, Will Buy Long-Term Treasurys

The Federal Reserve on Wednesday left its target on short-term interest rates unchanged near zero, but also said it will buy $400 billion worth of longer-term Treasurys by June of next year. The Fed will also reinvest the proceeds from maturing agency debt and mortgage-backed securities back into mortgage-related debt. The central bank expects the unemployment rate to decline only gradually. Stocks are selling off on the news, with the Dow down 90 points.

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