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The Federal Reserve Board decided today (June 26) to leave interest rates unchanged, which means the benchmark prime rate will remain at 4.75%, its lowest level since 1972.
The Fed. believes the economy has improved since its last meeting on May 7, but it concluded that “the degree of the strengthening remains uncertain.”
Much of the economic growth that has occurred so far this year was the result of retailers, including RV dealers, replenishing depleted inventories. “However, both the upward impetus from the swing in inventory investment and the growth in final demand appear to have moderated,” the Fed. wrote in its statement issued this afternoon.
But the Fed. also believes the retail market will begin growing at a more rapid rate “in the coming quarters” because of “robust underlying growth in productivity.”
The Fed.’s next regularly scheduled meeting will be on Aug. 13.