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To: Clint E. who wrote (19012)	12/22/1998 2:49:00 PM
From: Foad	Read Replies (1) \| Respond to of 70421

Federal Reserve Keeps Key U.S. Rates Unchanged 02:21 p.m Dec 22, 1998 Eastern WASHINGTON (Reuters) - The Federal Reserve kept key U.S. interest rates unchanged at this year's final policy meeting Tuesday, opting to hold its fire until a widely expected slowdown in the U.S. economy materializes next year. The Federal Open Market Committee's decision, which was in line with market forecasts, keeps the federal funds overnight bank lending rate at 4.75 percent, the level it has been at since it was last cut by a quarter percentage point on Nov. 17. The discount rate on emergency loans from the central bank remains steady at 4.50 percent. ''The Federal Open Market Committee meeting ended at 12:55 p.m.. There is no further announcement,'' Fed spokeswoman Lynn Fox said. The Fed has cut official interest rates three times over the past three months in an aggressive move to shield the U.S. economy and nervous financial markets from the fallout of global turmoil prompted by the collapse of several Asian economies last year. Most economists expect the Fed to keep on cutting rates next year as it gets clearer signs of a slowdown in U.S. economic growth. Lower exports to crisis-hit Asia as well as a decline in still-booming consumer demand at home are forecast to cut the nation's growth rate from nearly four percent this year to just above two percent next year. The next FOMC meeting is scheduled for Feb. 2 and 3. The year's second meeting has been set for March 30.