WASHINGTON (AP) -- The Federal Reserve says strains in financial markets have "increased significantly" but it kept a key interest rate unchanged.
The central bank said Tuesday it was keeping its target for the federal funds rate, the interest that banks charge on overnight loans, unchanged at 2 percent.
In a statement, the Fed said "strains in financial markets have increased significantly and labor markets have weakened further."
(Copyright 2008 by The Associated Press. All Rights Reserved.)
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