The Federal Reserve is edging closer to raising interest rates from record lows given a strengthening U.S. job market and economy. But it says it will be "patient" in determining when to raise rates.
The Fed said Wednesday after a policy meeting that such an approach is consistent with its previous guidance that it expected to keep its benchmark rate near zero for a "considerable time."
At a news conference afterward, Fed Chair Janet Yellen stressed that the Fed was making no meaningful changes in its policy. Yellen said she foresees no rate increase during the first quarter of 2015.
Stock investors immediately signaled their approval of the Fed's guidance, which appears to suggest that rates will stay low for at least several more months. The Dow Jones industrial average, which had risen about 160 points before the Fed issued its statement, was up about 270 points soon afterward.
Martin Crutsinger | AP