As Expected, Fed Holds Steady

Federal funds rate stays at 2% as bank ends 10-month run of cuts
By Newser Editors and Wire Services
Posted Jun 25, 2008 1:40 PM CDT
Federal Reserve Chairman Ben Bernanke.   (AP Photo)
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(Newser) – The Federal Reserve decided today leave a key interest rate unchanged, bringing an end to a string of consecutive rate cuts aimed at keeping the country out of a deep recession. The federal funds rate will remain at 2%—the first time in 10 months the Fed has failed to reduce interest rates at one of its regular meetings.