Washington - Fed Keeps Interest Rate Unchanged

Published on: September 16th, 2008 at 05:23 PM
By: VIN News

Washington - With turbulence hitting financial markets as a global credit crisis claims heavy weight victims, and given the meltdown in markets, a fed rate cut was predicted by many wall street analysts.

However the Federal Reserve today after its meeting decide not to cut interest and leaving the fund rate unchanged at 2.0%

The Fed's action came as insurance giant American International Group struggled with mounting pressures after major credit rating agencies issued downgrades for the company.

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