Fed Takes No Action On Interest Rates

Confronted with mounting evidence of an economic slowdown, the Federal Reserve did the expected Tuesday and left interest rates unchanged.

Analysts said the central bank may keep interest rates on hold for months to come until there are clear signs where the economy is headed.

The Federal Open Market Committee, the central bank’s policy-making body, met for three hours behind closed doors without taking any action on interest rates.

Afterward, Federal Reserve spokesman Joseph Coyne said there would be no further announcement. Under rules the central bank adopted this year to help guide financial markets, that means that there was no change in monetary policy.