The Federal Reserve, after months of hinting at raising interest rates slightly at its September meeting, decided today to leave interest rates alone. The Fed said that global risks outweigh the risk of U.S. inflation and the Fed even lowered its long term outlook for the economy. If the Fed worries about the U.S. economy, the last thing it will want to do is raise rates and slow the economy. However, it did leave open the possibility that rates may rise later this year.
What does this mean for the average consumer? Interest rates will remain low and hopefully the economic recovery we have seen (lower unemployment, higher home sales, etc) will continue.
Interest rates in the 10 year part of the Treasury curve dropped very slightly on the Fed's announcement and the stock market remained up slightly for the day.