Bernanke and the Feds Plan on Keeping Interest Rates Low For the Next Year

As the economy bounces back, happy news for those wanting to buy a home or car.
3:00 | 12/18/13

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Transcript for Bernanke and the Feds Plan on Keeping Interest Rates Low For the Next Year
Now we move onto the rocket ride on wall street today, a staggering surge for a lot of retirement funds. The dow closed up nearly 300 pounds because of what ben bernanke revealed about the strength of the american economy. What does it mean for your car loans, mortgage, credit cards. Rebecca jarvis outside the federal reserve for us. Reporter: Diane, it means good things for all of those things. Let me explain the biggest take away from the announcement here today. The federal reserve believes the economy is improving. They're taking away some of the stimulus that they've been pumping into the economy month to month but leaving enough there so as not to spook the stock market. They believe the unemployment rate could drop next year as low as 6.3% but they're going to be keeping interest rates low and that means positive news for your mortgage. If you would like to buy a new home, for car loans or if you are trying to get credit to expand a business, also good news for you, diane? How long do we have any sense at all these interest rates will last? Reporter: Fed chair ben bernanke said today we would be keeping these interest rates low for the foreseeable future at least another year. Rebecca jarvis as we said right outside the federal reserve tonight.

This transcript has been automatically generated and may not be 100% accurate.

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