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FOMC holds steady as expected

Posted on June 26, 2008

You didn't really think they'd raise rates at this meeting, did you? Here's the full statement:The Federal Open Market Committee decided today to keep its target for the federal funds rate at 2 percent.Recent information indicates that overall economic activity continues to expand, partly reflecting some firming in household spending. However, labor markets have softened further and financial markets remain under considerable stress. Tight credit conditions, the ongoing housing contraction, and the rise in energy prices are likely to weigh on economic growth over the next few quarters.The C...

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bernanke , economy , fed , fomc , greenspan , housing , inflation , the fed