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To: pallmer who wrote (5259)	1/29/2003 2:27:38 PM
From: pallmer	Read Replies (1) \| Respond to of 29601

-- Federal Reserve Keeps Rates Steady -- WASHINGTON (Reuters) - Federal Reserve policymakers opted on Wednesday to keep U.S. interest rates at four-decade lows while they awaited the economic impact of a possible war with Iraq and big tax cuts. The unanimous vote by the U.S. central bank's Federal Open Market Committee left its trend-setting federal funds rate for overnight loans between banks at 1.25 percent, the level it reached after a half-percentage point reduction last November. FOMC members said risks to the economy remained evenly balanced between higher prices and a renewed downturn, a stance adopted in November. The economy sank into a rut in the last few months of 2002 and recent data have shown the recovery still struggling to take hold, with weak job growth and sluggish industrial output. Fed policymakers said the softness was exacerbated by business and consumer worry over the prospect of war with Iraq, a possibility that financial markets felt was heightened by President Bush's warning to U.S. troops on Tuesday night that "some crucial hours may lie ahead." (C) Reuters 2003. All rights reserved. Republication or redistribution of Reuters content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters and the Reuters sphere logo are registered trademarks and trademarks of the Reuters group of companies around the world. 29-Jan-2003 19:22:33 GMT Source RTRS - Reuters News