Fed leaves interest rates on hold despite poor July

The Federal Reserve has left interest rates unchanged in the US, content with the overall economy's performance. Alan Greenspan, chairman of the US Federal Reserve, has said the economy held up remarkably well over the course of the second quarter during the stock market weakness. Speculation had been mounting that Greenspan was set to reduce rates further from their current 1.75% level in a bid to foster growth. Economic news was mixed in July, however, with disappointing GDP growth offset by improved corporate profitability, new home sales reaching record levels and unemployment dippi...