美聯儲：基準利率不變

The U.S. Federal Reserve decided Tuesday to leave a key interest rate unchanged at 5.25 percent, where it has stood for a year.This was the ninth consecutive time that the central bank held the federal funds rate, interest commercial banks charge each other on overnight loans, steady at 5.25 percent since late June 2006.After boosting rates at its 17 regular policy-setting meetings in a row over two years, the Fed paused in August last year and left rates alone in the following months.As a result of the Tuesday's decision, commercial banks' prime lending rate, the benchmark for millions of consumer and business loans, will remain at 8.25 percent. The prime rate responds to changes in the federal funds rate.A statement issued Tuesday by the Fed showed that the central bank is still concerned more about inflationary pressures than slowdown in housing market.

　　In the statement, the Fed said the economic growth was moderate during the first half of the year and financial markets have been volatile in recent weeks, credit conditions have become tighter for some households and businesses, and the housing correction is ongoing.However,"the economy seems likely to continue to expand at a moderate pace over coming quarters, supported by solid growth in employment and incomes and a robust global economy," said the statement."

　　Readings on core inflation have improved modestly in recent months," said Fed Chairman Ben Bernanke and his colleagues, adding"a sustained moderation in inflation pressures has yet to be convincingly demonstrated."Moreover,"the high level of resource utilization has the potential to sustain those pressures," warned the policy-makers, who voted unanimously to keep the interest rate at 5.25 percent."Although the downside risks to growth have increased somewhat, the Committee's predominant policy concern remains the risk that inflation will fail to moderate as expected," said the statement."Future policy adjustments will depend on the outlook for both inflation and economic growth, as implied by incoming information," it added.The decision was widely expected by economists as the economy at the moment is sending mixed signals."Core" prices, an inflation gauge closely watched by the Federal Reserve, rose at a 1.4 percent rate in the second quarter. That was down from the 2.4 percent pace in the first quarter and was the smallest gain in four years.The housing slump, which started last year as interest rates were rising, was still a big drag to the economic growth.New home sales fell by 6.6 percent in June, the largest amount in five months and more than triple what had been expected,Investment in home building plunged by 15.8 percent, on an annualized basis, in the first quarter, deeper than the 15.4 percent drop previously estimated.Existing-home sales dropped by 3.8 percent in June, leading to the lowest level in 4 years.Economists believe that the ongoing adjustment in housing sector could linger through the rest of this year as developers are trying to reduce their inventory of unsold homes.However, the economy has not lost all momentum for expansion. Continued increases in personal consumption expenditures had been a major pushing force.Overall economic growth, after slowing to a barely perceptible annual rate of 0.6 percent in the first three months of the year, rebounded to a healthy pace of 3.4 percent in the April-June quarter.