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Financial News Network
August 10, 2011 AT 1:48 AM
On Tuesday the Federal Reserve put more clarity on what it means to hold interest rates low for an "extended period" of time, saying for the first time that it means "at least through mid-2013."The action brought strong disagreement, as regional Fed presidents Richard Fisher, Narayana Kocherlakota and Charles Plosser objected to the new terminology.Federal Reserve Chairman Ben Bernanke led seven voters in favor of the decision, which came as the central bank said it expects a slower pace of recovery than what it anticipated during the last meeting in late June.The Fed also indicated that it "discussed the range of policy tools available to promote a strong economic outlook recovery in a context of price stability" and said it's prepared to utilize the tools as appropriate.As expected, the Fed held its target Fed funds rate between 0% and 0.25%.