The central bank's decision to leave interest rates where they are is outlined in a dense statement that can be hard to decipher. Here, in everyday language, is a translation of the Fed's remarks. Read more
The interest rate at which banks lend money to one another overnight to meet loan reserve requirements. The federal funds rate is a tool used by the Federal Reserve to control the supply of available money and hence, inflation and other interest rates.
Raising the rate makes it more expensive to borrow. That lowers the supply of available money, which helps keep inflation in check. Lowering the rate has the opposite effect.
Click through the timeline below to see the effect the Fed's moves had on mortgage rates.
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Notes from the last Federal Reserve meeting don't make the Fed's plans any clearer.
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The rate-setting Federal Open Market Committee meets at least eight times a year. Its members include the Board of Governors of the Federal Reserve System, the president of the Federal Reserve Bank of New York and a rotating selection of presidents of the other 11 reserve banks.
Board of Governors, Chair
Board of Governors
Investors triple-teamed the market, boosting the Dow Jones Industrial Average (18,613.52), the benchmark S&P 500 (2,185.79) and the Nasdaq (5,228.40) to new records at the close Thursday
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