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Tuesday, September 20, 2005
Federal Reserve HQ in Washington, D.C.
The US Federal Reserve has just raised the base rate of interest for the 11th month in a row, despite concerns that the economy will slow after Hurricane Katrina.
The rate rose by a quarter of a percentage point to 3.75%, but analysts have predicted it may rise to 4.5% in the coming months, in spite of consumer spending being down. The Fed says it is hoping to counter soaring house prices and the high price of oil.
Economic growth in the US this year is forecast at around 3.3%, but government officials estimate that 0.5% growth could be lost due to Hurricane Katrina.
However, analysts are confident that the economy is robust enough to withstand and shake off the effects of high oil prices and unemployment caused by Hurricane Katrina.
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Articles presented on Wikinews reflect the specific time at which they were written and published, and do not attempt to encompass events or knowledge which occur or become known after their publication.
Please note that due to our archival policy, we will not alter or update the content of articles that are archived, but will only accept requests to make grammatical and formatting corrections.
Note that some listed sources or external links may no longer be available online due to age.
The text of this article has been released into the public domain. In the event that this is not legally possible, this article may be used for any purpose, without any condition, unless such conditions are required by law. This applies worldwide. Copyright terms on images, however, may vary, so please check individual image pages prior to duplication.
