Central bank leaves rates alone, but drops promise to hold rates steady for "considerable period."
January 28, 2004: 2:20 PM EST
NEW YORK (CNN/Money) - Federal Reserve policy-makers kept their key interest rate at a 41-year low on Wednesday, but dropped a long-standing promise to hold rates steady for a "considerable period."
Central bankers left their target for the federal funds rate, an overnight bank lending rate that forms the basis for many banks' prime lending rates, at 1 percent, the lowest level since 1962.
But in the closely watched statement accompanying the decision, the Fed dropped its promise to keep rates on hold for a "considerable period," saying instead it could be "patient" with rates. Most economists had expected the Fed to stand pat on rates and the language of its statement.
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