Results of Today's Fed Meeting

As expected, the Federal Reserve's monetary policy committee left interest rates alone today. The fed funds rate (overnight borrowing rate between banks) remains at 5.25% and the discount rate (rate for loans from the Fed) remains at 6.25%. The statement did acknowledge tighter credit conditions and the volatile financial markets but the prevailing view of the policy committee remains that the threat of inflation is the predominant concern. This means that the committee continues to tilt toward a tightening stance on rates or, at least, that the committee is not inclined to lower rates in the near future.
(FOMC STATEMENT)