Economics
Bernanke's Steady Course Cheers Markets
The Fed gave rates another breather at its Sept. 20 meeting. Still, no one's sure how smooth the landing will be
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Fed chief Ben Bernanke may earn his wings yet, as he attempts to pilot the U.S. economy to a soft landing. On Sept. 20, the Federal Reserve's interest rate-setting committee took one step toward that goal when it left overnight lending rates at 5.25% for the second meeting in a row, relying on a slowing economy to bring down inflation.
Among the 11 current members of the group, Richmond Fed President Jeffrey Lacker was the only dissent, voting to increase rates by 25 basis points.