NPR 2010-03-17

The Federal Reserve says it will keep interest rates at their historically low levels for an extended period of time. It also confirmed it will end the program to buy mortgage securities by the end of the month. NPR's Jim Zarroli reports.

In a statement released after one of their regular meetings, Fed officials said economic activity is strengthening, and household spending continues to grow at a moderate pace. Businesses are spending significantly more on computers and equipment. But economic growth has been constrained 1 by high unemployment, tight credit and modest income growth. In this environment, the statement said inflation is likely to be subdued 2 for some time. Fed officials also said they would continue plans to phase out some of the programs put in place to pump liquidity 3 into the banking 4 system. By the end of the month, it will stop buying mortgage-backed securities. But the statement suggested that the Fed would reactivate the programs, if the economy deteriorates 5. Jim Zarroli, NPR News.

The special US envoy 6 for the Middle East has put off a trip to the region. George Mitchell was supposed to head to Israel today to assist with the Mideast peace process. Secretary of State Hillary Clinton says the US has a close and unshakable bond with Israel and is committed to Israel's security, but the State Department says the secretary is waiting for a proof - Israel is committed to a peace process with the Palestinians.

Tiger Woods announced today he is returning to competitive golf next month at the Masters Tournament in Augusta, Georgia. The Masters is the first of four major championships during the year. Woods has been away from the game for the past four months, dealing 7 with the fallout from an image tarnishing 8 sex scandal. NPR's Tom Goldman reports.

Using his favored mode of communication, Tiger Woods said in a statement: “The major championships have always been a special focus in my career and, as a professional, I think Augusta is where I need to be, even though it's been a while since I last played.” Many thought Woods would come back before the Masters in order to tune 9 up his game first, but Augusta is an incredibly controlled environment in which there's less chance Woods will get heckled by spectators and asked endless questions by reporters. Woods last competed last November when he won the Australian Masters. A couple of weeks after that, the infamous 10 car crash outside his Florida home led to revelations of multiple affairs with different women. In a statement, Woods said he’s undergone almost two months of inpatient therapy and he's continuing treatment. “Although I'm returning to competition,” he said, “I still have a lot of work to do in my personal life.” Tom Goldman, NPR News.

Texas police report two people have died in a bus crash south of San Antonio on Interstate 37. At least 17 people are hurt. Authorities say the bus overturned on the road as it headed for Matamoros, Mexico.

On Wall Street just before the close, the Dow Jones industrials were up 43 points at 10,685; the NASDAQ was up 15 at 2,377.

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The media may not be fully 11 explaining how cancer is treated, according to a report in the Archives of Internal Medicine. NPR's Joanne Silberner explains.

Cancer statistics are grim. Half of Americans diagnosed with cancer will die of the disease or complications related to it. But in the sampling of more than 400 articles about cancer, University of Pennsylvania researchers found only 13 percent mentioned that aggressive cancer treatments can fail. The researchers looked at articles published in the Primedia from 2005 to 2007. They didn't survey radio or Internet reports. One third focused on someone being cured; only eight percent of the articles focused on someone dying; less than a third of the articles went into side effects that can accompany cancer treatments like pain and nausea 12. The researchers conclude that the imbalance between the reality of cancer and the reporting on it may mislead the public about the value of heroic measures. Joanne Silberner, NPR News.

The federal government is warning people in the Upper Midwest against heavy spring flooding. Weather forecasters say there's a lot more snow that's going to melt the season and run off into the Mississippi, Missouri and Red Rivers. Officials in Fargo, North Dakota plan to lay up to one million sandbags to protect their city. The Red River is expected to crest 13 there this weekend.

The government says builders didn't get started on as many new homes last month. The Commerce Department says housing starts dropped nearly 6% in February. The agency says one reason is record-setting blizzards 14 in the Northeast. But at the same time, the government revised the housing-start numbers for January upward.

I'm Korva Coleman, NPR News in Washington.