New York, NY – The Federal Reserve Keeps Rates Steady.

New York, NY – The Federal Reserve left a key short-term interest rate unchanged Tuesday, a move that was widely expected, but indicated in its closely scrutinized statement that it was concerned about growing credit problems in the economy.

The central bank kept its target for the federal funds rate, an overnight bank lending rate that affects credit card, home equity and other loan rates, at 5.25 percent. This was the ninth consecutive meeting that the Fed held rates steady after raising rates seventeen straight times through June of last year. [ap]