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Tuesday, August 12, 2003

Interest Rate Unchanged

The Fed has held steady at 1%.

CBS: "The Federal Reserve kept its overnight lending rate unchanged at a four-decade low of 1 percent following Tuesday's policy meeting. While noting improvement in recent economic data, the Federal Open Market Committee said in a statement that it still believes a 'minor' possibility of disinflation remains the major risk to the economy. No inflationary pressures are present. Spending is firming, the committee said, but labor markets are mixed. 'In these circumstances, the committee believes that policy accommodation can be maintained for a considerable period' the statement said."