The Federal Reserve Open Market Committee today left the short-term interest rates it influences unchanged. The overnight Fed funds rate, which fluctuates daily based on demand and the market, remains at a target of 5.5%. The discount rate remains at 5%.
Richard A. Wolf, president and chief executive officer, First of America Investment Corp., said the lack of change was expected. He noted Fed Chairman Alan Greenspan is concerned about a bubble in the stock market, the beginning of a slowdown in the economy and the economic problems in Asia.
But until these situations become clearer, ''the Fed will continue to do nothing,'' Mr. Wolf said.