Wall Street Journal, By Sudeep Reddy
September 16, 2008
The Federal Reserve, faced with a series of shocks to the U.S. financial system, left interest rates unchanged Tuesday but said it’s watching developments “carefully” — signaling a willingness to take action if necessary.
The U.S. central bank, in a statement after its meeting, said “strains in financial markets have increased significantly and labor markets have weakened further.”
The central bank’s policy committee voted unanimously to leave the federal funds rate, at which banks lend to each other overnight, unchanged at 2%. It was the first fully unified vote since last September.
Prime Rate remains at 5%.
Harry Fager
Private Mortgage Banker
MSC Mortgage, LLC
An affiliate of Wells Fargo Home Mortgage
1801 Main St.Sarasota, Fl. 34236
941-951-6660
941-951-6667
Fax 941-308-2222
After hours 877-326-9400 Toll Free
harry.fager@wellsfargo.com
