FOMC Meeting Today: No Fed Action Expected

Later today, the Federal Open Market Committee (FOMC) of the Federal Reserve will convene the eighth monetary policy meeting of 2006, which will also be the last FOMC gathering of the year. At around 2:15 pm Eastern Time, the FOMC will announce their decision on interest rates, and it is fully expected that the group will elect to leave the benchmark Federal Funds Target Rate unchanged at 5.25%. This means that the Wall Street Journal® Prime Rate (also known as the Fed or national Prime Rate) will remain at the current 8.25% for the rest of the year.

After today's meeting, the next FOMC monetary policy gathering will occur on January 30-31, 2007 (a two-day meeting) and, as of right now, the vast majority of investors, academics and Wall Street economists expect the Fed to neither raise nor lower the Federal Funds Target Rate at that meeting.

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