Interest rates steady

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Thursday, Jan. 30, 2003 | 9:47 a.m.

WASHINGTON -- In the face of a potential war and pervasive unease about the economy, the Federal Reserve announced Wednesday that it would not change interest rates, saying that "geopolitical risks" would lift and allow already low rates to fuel economic growth.

The Federal Reserve's Open Market Committee, which last cut interest rates in November, voted unanimously to maintain the federal funds rate of 1.25 percent. While the inaction was predicted by most economists, the Fed's optimism was more surprising amid growing evidence the economy weakened at the end of last year as war clouds gathered and nationwide employment levels plunged.