BANKING & FINANCE - Sept. 3, 1993

U.S. Interest Rates Unchanged for Year: The Federal Reserve Board, as led by Chairman Alan Greenspan, passes a milestone this weekend: an entire year without a change in official U.S. interest rates. It was a year ago Saturday that the central bank last changed its monetary policy via the federal funds rate that banks charge each other for overnight loans. That makes for the longest period the central bank has kept policy unchanged since it last started watching the funds rate closely in late 1989. Last year, the Fed shaved a quarter of a percentage point from its federal funds target, which has since stood at 3%.