Interest Rates Steady...For Now

The Fed kept interest rates steady today, but their comments didn't please many investors.

While Wall Street had hopes that rates would start to come down in the next few Fed meetings, mainly due to the downturn in the housing market, inflation remains the focus. In its policy statement, the Fed stated that that it could choose to move rates in either direction depending on the data even though inflation risks remain the paramount concern. The stress placed on inflation risks was widely viewed by Wall Street as a signal that a rate hike is more likely than a reduction.

The news, however, did not do much to the markets, which remained up after the announcement.