The head of the U.S. central bank signaled Tuesday that interest rates are not likely to be cut anytime soon.
Federal Reserve Chairman Ben Bernanke said interest rate policies and efforts to stimulate the faltering U.S. economy are "well positioned" to promote growth and stable prices.
The Fed has been cutting interest rates steadily to boost economic growth. But officials must balance the need to boost the economy with the concern that cutting interest rates too low could spark inflation.
Inflation concerns have been rising along with the price of oil. Fuel price hikes are also forcing the biggest U.S. automaker to slash truck production and make more small, fuel-efficient cars.
General Motors Tuesday announced that it will close four North American plants that make trucks.
Some information for this report was provided by AFP, AP and Reuters.
