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The Federal Reserve decided again today (Jan. 28) to leave interest rates unchanged at their historically low levels, apparently assuming the U.S. economy has entered an era that the Wall Street Journal recently described as the “Goldilocks” economy — not too hot, not too cold.
As a result of the Fed’s inaction today, it can be assumed that lenders will keep their prime rates, to which RV-dealer and consumer-loan rates are pegged, at 4%, the lowest level for the prime since 1958.
The prime has been at 4% since June 27.
The Fed saw no reason to raise interest rates today because of “robust underlying growth in productivity,” which has resulted in output expanding briskly even though new hiring remains subdued.
Despite little evidence that companies are hiring people in large numbers, the Fed believes other indicators suggest an improvement in the labor market.
Consequently, the Fed said, the chances for inflation accelerating are low so it “can be patient” and leave financing rates low.
The next regular Fed meeting is scheduled for March 16.