Federal Reserve Holds Rates at 2%

Anderson, like many economists and market observers, expects the Fed to hold its rate target steady perhaps through the end of 2008, especially if oil prices continue to decline.

Pride reiterated that view, saying a rate hike this year is "really a long shot," barring any major increases to inflation. He notes that the Fed has fine-tuned its communication to give the market a clear picture of where rates are headed and what factors will weigh most on its decisions.

"There's no reason for the FOMC to step out of that box -- there's no good reasoning behind it -- so why upset the marketplace?" he says.

Bernanke voted in favor of the decision, as did Vice Chairman Timothy Geithner and the eight other governors: Elizabeth Duke, Donald Kohn, Randall Kroszner, Frederic Mishkin, Sandra Pianalto, Charles Plosser, Gary Stern and Kevin Warsh. Only one Fed governor, Richard Fisher of Dallas, who has been consistently hawkish on inflation, voted for an increase in the federal-funds rate target.