Fed Resists Pressure to Cut RatesSeptember 17th, 2008 - 9:34 am ICT by Amrit Rashmisrisethi
The US Federal Reserve resisted Wall Street pressure to cut interest rates, even as deep fears continued to hang over financial markets.
The American central bank’s policy committee, in its first unanimous vote since last September, decided last night (Thai time) to leave the federal-funds rate, at which banks lend to each other overnight, unchanged at 2%. The Fed’s stance suggests little interest in fighting the financial crisis with more interest-rate cuts.
Source : National News Bureau, Public Relations Department of Thailand