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3/17/04: The Federal Reserve Board has decided, once again, to leave interest rates unchanged, and they will apparently remain so for the foreseeable future. This is good news if you're a short-term investor and have the ability to time the market. However, there's a downside to these unchanged rates in the rationale behind the decision. It comes down to job growth, or the lack thereof. It's the Fed's belief that, until hiring becomes robust, any rise in rates will slow down business investment, which typically results in real job growth. This is a double-edged sword. Which do you prefer: Lower interest rates that can lead to short-term profit, or higher interest rates that indicates a robust job market?


