Fed Ties Interest Rate Outlook to Range of Data

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March 19 (Bloomberg) -- The Federal Reserve said it will look at a wide range of data in determining when to raise its benchmark interest rate from zero, dropping a pledge tying borrowing costs to a 6.5 percent unemployment rate. The Fed also reduced the monthly pace of bond purchases by $10 billion to $55 billion, the Federal Open Market Committee said in a statement today following a meeting in Washington that was the first led by Chair Janet Yellen. Peter Cook reports on Bloomberg Television's "Bottom Line." (Source: Bloomberg)

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