Fed-Interest Rates - Cincinnati News, Weather, Sports from FOX19 NOW-WXIX

Fed-Interest Rates

Fed: we're standing pat on rates.... 

The Federal Reserve is saying no change in interest rates is warranted for now. The central bank, issuing its statement on the economy today, notes that while "job losses have slowed, new hiring has lagged". The decision to leave the federal funds rate at a 45-year-low was widely expected. The rate is that charged between banks on overnight loans and is the Fed's key tool for influencing economic activity. The government has said the economy added just 21-thousand jobs last month, all in government. Private payrolls remained flat. In addition, there were some eight (m) million people unemployed in February, with the average duration of 20 weeks without work. That marked the highest average duration of joblessness in over 20 years. The stock market remained mostly higher upon release of the Fed's decision.

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