Fed holds interest rates in place, shifts strategy

01/29/2009 | Financial Times (free content)

Hinting at a strategic shift away from using interest rates to steer the economy, the Federal Reserve held rates steady but signaled growing support for targeted lending to free up credit for consumers and businesses. The Fed indicated in a statement that it is increasingly worried about deflation, noting that the economy has "weakened further" since the central bank's December meeting.

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