Leaving the door open for the possibility of additional rate cuts, the central bank said it would "continue to assess" the economic outlook and "act as needed to foster price stability and sustainable economic growth".
The committee will continue to assess the effects of financial and other developments on economic prospects and will act as needed to foster price stability and sustainable economic growth.
The Federal Communications Commission's recent auction of wireless airwave frequencies raised $17 billion for the Treasury but failed almost completely to encourage the entry of small companies that could foster price competition and technological innovation.
It makes no sense to send out safety advisories telling physicians to prescribe a drug cautiously because of serious risks and then, using a regulatory loophole created to foster price competition, to turn a blind eye to persuasive advertisements that make the same drug look like an effortless key to happiness and good health.
But the proliferation of new carriers eager to recoup their investments has helped foster price wars in many long-distance segments, putting pressure on long-distance companies both young and old.
In any case, it will be interesting to see how well this form of price discrimination holds up in the long run, since the Internet has a tendency to prevent rather than foster price discrimination.
Many people can choose between a fixed-line provider and several wireless services.Finland's experience suggests that competition pays, fostering low prices and innovatory service.
The decision to stay the course is also important because it indicates that the Fed is giving due consideration to both sides of its dual mandate to foster both price stability and full employment.
Consumer groups and newer local-calling sellers like AT&T, which rent network switches and other components from the older companies, say the rules foster lower prices and greater competition.
He then worked for Mayor Spencer as the administrator in charge of fostering more moderately priced housing.
"It will not be a panacea, but I believe it will be effective in fostering maximum employment and price stability," Ms. Yellen said, referring to the two parts of the Fed's legal mandate.
