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Federal Reserve Holds Rates Steady at 2.00%, Says “Downside Risks†and Inflation Remain Concerns
Federal Reserve policymakers yesterday (Tuesday) kept the nation’s benchmark interest rate at 2.00% for the second consecutive meeting, although inflation accelerated and the U.S. economy only advanced slowly.
“Although downside risks to growth remain, the upside risks to inflation are also of significant concern to the committee,” the policymaking Federal Open Market Committee (FOMC) said in a statement.
After a slight contraction in the fourth quarter of 2007, U.S. gross domestic product (GDP) has expanded at a moderate pace, enabling the U.S. economy to dodge an actual recession. GDP increased a 1.9% annual rate in the second quarter after edging up 0.9%…
6Aug2008 | Money Morning | 1 comment | Continued
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