For the eighth meeting in a row the Federal Reserve's Open Market Committee decided to keep a key federal interest rate unchanged. The federal funds rate -- what banks pay for overnight loans -- will stay at 5.25 percent. That's exactly where it's been since June of last year. The next chance for a possible change in interest rates will happen in early August. The Federal Reserve has the all important job keeping inflation in check and keeping as many people as possible employed. By raising or lowering the interest rate it charges banks for overnight loans it can indirectly impact how much it costs to borrow money in the US, affecting everything from your credit card to your mortgage interest rates. The fed sees the economy as tenuously balanced between an increasing inflation and a slowing housing market. Most economist predict we won't see rates go up or down until later this year.
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