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Strategies & Market Trends : P&S and STO Death Blow's

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To: jjstingray who wrote (26860)	1/29/2003 2:17:46 PM
From: Bucky Katt	Read Replies (1) of 30712

WASHINGTON (Dow Jones)--The Federal Reserve opted Wednesday to remain patient with what it has termed a "soft spot" in the U.S. economy, leaving interest rates unchanged despite a slump in stock prices and growing worries about the consequences of a war with Iraq. The central bank's monetary-policy committee voted unanimously to hold the key federal funds rate at a 42-year low of 1.25%, where it has been since November. It also expressed no formal inclination to cut the rate anytime soon, asserting that the outlook for economic growth and inflation is favorable "for the forseeable future." "Oil-price premiums and other aspects of geopolitical risks have reportedly fostered continued restraint on spending and hiring by businesses," the Federal Open Market Committee said. "However, the committee believes that as those risks lift, as most analysts expect, the accommodative stance of monetary policy, coupled with ongoing growth in productivity, will provide support to an improving economic climate over time."

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