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Fed: Unemployment Is Here For A While

The latest minutes are in from the Federal Reserve's Federal Open Market Committee meeting.

Policymakers at the September gathering disagreed about when the Federal Reserve should pull back from market interventions like buying Treasurys and mortgage bonds. Committee members said they're not at all sure what will happen once the Fed and the administration stop propping up the economy. Key quote from the minutes:

Some of the recent gains in activity probably reflected government policy support, and participants expressed considerable uncertainty about the likely strength of the upturn once those supports were withdrawn or their effects waned. Overall, the economy was projected to expand over the remainder of 2009 and during 2010, but at a pace that was unlikely to reduce the unemployment rate appreciably.