Smith Faculty Opinion Article	August 8, 2006
By Dr. Peter Morici, Professor of International Business EMAIL WEB SITE

Fed Leaves Interest Rates Unchanged

It was a tough decision. The economy is slowing and oil prices are driving up inflation. Oil prices are beyond the reach of U.S. interest rate policy. Having established an expectation in financial markets that the Fed would not raise interest rates further, Ben Bernanke made the right call.

Peter Morici is a professor at the University of Maryland School of Business and former Chief Economist at the U.S. International Trade Commission.