"We have staked the whole of all our political institutions upon the capacity of mankind for self-government, upon the capacity of each and all of us to govern ourselves, to control ourselves, to sustain ourselves according to the Ten Commandments of God." James Madison

Tuesday, August 08, 2006

Fed Takes Pause, Leaves Rate Unchanged

Aug 8, 3:01 PM EDT


AP Economics Writer

WASHINGTON (AP) -- The Federal Reserve on Tuesday left a key interest rate unchanged, marking at least a temporary pause in what had been the longest unbroken stretch of Fed rate increases in recent history.

The Fed's rate-setting committee voted 9 to 1 to leave the federal funds rate, the interest banks charge on overnight loans, at 5.25 percent. It was the first time the Fed had met and not raised rates in more than two years.

This is good news for the Gawfer household as we are quickly approaching ReFi time on our humble abode.