The US Federal Reserve left interest rates on hold when it met overnight, defying market expectations that Wall Street turmoil would prompt a quarter per cent cut.
While the central bank noted that “strains in financial markets” had increased “significantly” it was confident “the substantial easing of monetary policy, combined with ongoing measures to foster market liquidity, should help to promote moderate economic growth” over time.
The US cash rate now remains at two per cent, where it has held steady since April this year.
You’re out of free articles for this month
To continue reading the rest of this article, please log in.
Published: 17-08-09
Today's other news
- Mortgage Choice cuts costs and senior management
- Barclays to acquire Lehman assets
- Federal Reserve makes billion dollar rescue loan for AIG
- Nationwide cracks 250 brokers milestone
- Connective chooses NextGen to support members’ e-lodgement transition
- October rate cut unlikely
- Insurer reports surge in broker cross selling
Want to see more stories from trusted news sources?
Make The Adviser a preferred news source on Google.
Click here to add The Adviser as a preferred news source.
Tags:
