Short-term interest rates will remain at current levels for at least another year, economists say.

The economists say the Federal Reserve should not buy more bonds to support and stimulate the economy, as it has in the last few years, even though the policy has been effective. With the economic recovery strengthening, the economists say the Fed doesn't need to buy more bonds this year. The Fed began buying Treasury bonds during the recession after the 2008 financial crisis to try to lower long-term interest rates and help jump-start the economy.

In an election year, the growing U.S. federal deficit has drawn heightened partisan debate in Congress over spending and taxes with not much resolution in sight. The deficit is on pace to exceed $1 trillion for the fourth straight year. The gap worsened during the Great Recession when tax revenues plummeted after millions of people lost their jobs and corporate profits fell.

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