Fed Rate Target Unchanged

For the third straight meeting, the fed funds target is left at 5.25%.
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Federal Reserve policymakers kept their target fed funds rate unchanged Wednesday, the third straight time they've met and left rates alone.

The last time the Fed tightened was in June, when it lifted short-term lending rates by a quarter-point to the current level of 5.25%. That marked the 17th consecutive gathering at which the

Federal Open Market Committee

had hiked rates.

A vast majority of economists and analysts expected the Fed to leave rates where they were. Even though some data have pointed to inflationary pressure in the economy, other numbers, particularly relating to the housing market, have suggested U.S. growth is slowing.

Richmond Fed President Jeffrey Lacker again wanted to raise rates by 25 basis points. Lacker has been alone in arguing for added hikes at the past three meetings.