WASHINGTON– Despite the woes of the financial markets, theFederal Reserve's Open Market Committee voted unanimously today tokeep interest rates the same.
“Strains in financial markets have increased significantly andlabor markets have weakened further. Economic growth appears tohave slowed recently, partly reflecting a softening of householdspending. Tight credit conditions, the ongoing housing contractionand some slowing in export growth are likely to weigh on economicgrowth over the next few quarters. Over time, the substantialeasing of monetary policy, combined with ongoing measures to fostermarket liquidity, should help to promote moderate economic growth,”the committee said in a statement.
The decision keeps the rate banks use when lending to each otherat 2%.
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