Patient Fed holds key US rate at 1%

WASHINGTON: The US Federal Reserve has decided to hold interest rates at 1958 lows and signalled it was in no hurry to raise borrowing costs with job creation still sluggish and inflation tame. 

The unanimous decision by the policy-making Federal Open Market Committee (FOMC) on Tuesday kept the trend-setting federal funds rate for overnight loans between banks at 1%, a level hit after a cut last June.