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Wednesday, June 25, 2008

Fed keeps US rates steady at 2%

The main federal funds rate, at which banks charge each other, has been kept at 2%, marking the first time in 10 months the Fed has failed to reduce interest rates.

The latest decision was approved by a 9-1 vote with Richard Fisher, president of the Fed's regional bank in Dallas, calling for a rise in interest rates now to fight inflation.

It is a situation that the head of the International Monetary Fund, Dominique Strauss-Kahn, recently described as being caught between "fire and ice". . . more news

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