The U.S. Federal Reserve announces it will keep interest rates at "exceptionally low levels" at least through mid 2013, though it makes no commitment for further quantitative easing.
In an emergency move, less than two weeks after the previous unscheduled intervention, the Fed drops its benchmark rate a full percentage point. It announces a $700 billion quantitative easing program, sets reserve requirements for thousands of banks to zero and lowers other lending rates. The set of measures appears as its biggest ever in a single day.
The chairman of the U.S. central bank, the Federal Reserve, likely will not stand for re-election to that post. Ben Bernanke has reportedly told friends he will leave when his term ends in January 2014 regardless of who wins the Presidential election campaign.
The U.S. Supreme Court declines to take an appeal from an appellate court ruling that ordered the disclosure of information about the Federal Reserve's emergency lending to banks during the 2008 financial crisis. The Supreme Court's refusal means the ruling of the court below stands.
The United States dollar reaches a 15-year low against the Japanese yen and depreciates against a range of other currencies due to concerns about further quantitative easing by the United States Federal Reserve.