Wednesday, August 09, 2006

Fed Leaves Rates Alone!

The Feds decided to suspend interest rate hikes, maintaining the target for the federal funds rate at 5.25 percent. This is the first meeting in more than 2 years that did not result in an rate increase. A little bit of breathing room for those buyers in the market right now, not to mention those of you with adjustable rate mortgages. Ahhhhh.

"Economic growth has moderated from its quite strong pace earlier this year, partly reflecting a gradual cooling of the housing market and the lagged effects of increases in interest rates and energy prices," the Fed said in a prepared statement.

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