Fed holds rates steady, sees inflation elevated

4:30 pm ET Mar 21, 2007

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Fed holds rates steady, sees inflation elevated

WASHINGTON
The Federal Reserve held its benchmark interest rate steady Wednesday,
saying its "predominant policy concern remains the risk that inflation
will fail to moderate as expected."

Market Snapshot: U.S. stocks rally after Fed decision, comments

NEW YORK
U.S. stocks rallied on Wednesday, lifting the Dow Jones Industrial
Average by over 160 points, after the Federal Reserve left interest
rates unchanged as expected, but also opened the door for the central
bank to consider risks to the economy on an equal footing with inflation
risks.