Fed halts string of interest rate rises
Posted on: Tuesday, 8 August 2006, 13:18 CDT
WASHINGTON (Reuters) - The U.S. Federal Reserve on Tuesday halted a more than two-year string of interest-rate rises, holding its benchmark rate steady while it gauges whether a slowing economy will keep inflation in check.
The central bank's policy-setting Federal Open Market Committee voted to keep the federal funds rate target at 5.25 percent, pausing a cycle that had taken the rate steadily higher in 17 successive hikes since mid-2004.
Richmond Fed President Jeffrey Lacker voted against the move, the Fed said.
Several recent economic indicators have pointed to moderating growth, led by a cooling housing market, but wages and prices continue to rise and the Fed's pause could be temporary if inflation proves tenacious.
Source: REUTERS
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