Federal Reserve raises interest rates
For the 11th straight time, the Federal Reserve raised interest rates this week. The federal funds rate was raised one-quarter of a point, to 3.75%, representing the highest level it has been at in four years.
Some people were thinking that in light of Hurricane Katrina, the rate might not be touched. The press release from the Federal Reserve Board does acknowledge the Hurricane and it's effect.
To read the press release from the Federal Reserve Board, go here.