Federal Reserve Chairman Ben Bernanke holds a news conference following the quarterly Federal Open Market Committee (FOMC) meeting on current economic projections.
The Fed announced that it would continue buying bonds at the same rate, despite statements at the June FOMC meeting that the FOMC may taper off its bond-buying program later in the year if the economic conditions continued to improve.
"The committee decided to wait for more evidence that the recovery's pace will be sustained," said Chairman Bernanke.
As unemployment is still high, the Federal Open Market Committee will keep interest rates low and continue its $85 billion a month bond purchasing stimulus program. After this announcement, the Dow Jones Industrial Average, a key stock market measurement, reached record highs.
The FOMC consists of twelve members, including the seven members of the Board of Governors of the Federal Reserve System. The group holds eight meetings per year to review economic and financial conditions, determine monetary policy, assess the goals of price stability and review current economic growth.
The Chairman has announced he will retire early next year.