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Federal Reserve Holds Short-Term Interest Rates Steady at 45-Year Low.

Chicago Tribune (Chicago, IL)

| August 13, 2003 | COPYRIGHT 2007 Chicago Tribune. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

Byline: William Neikirk

Aug. 13--WASHINGTON--The Federal Reserve signaled Tuesday that it would keep short-term interest rates at a 45-year low for the foreseeable future, perhaps well into next year, when the country is in the midst of a presidential campaign.

But its decision was followed immediately by another rise in long-term interest rates in the bond market, where traders remained concerned that central bank would not be as quick to fight inflation when and if the economy picks up steam.

In declaring that it would hold its benchmark short-term lending rate steady at 1 percent, the Federal Reserve cited modest signals of an economic pickup but said it is still worried about the "minor" chance that deflation, or…

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