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Fed leaves rates unchanged in September meeting

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The Federal Reserve has kept the Fed Funds rate near 0% for almost 7 years now.  The historical average hovers around 5%.  Near 0% is a rate that you have when the economy is in a severe recession or a depression.

Low rates attempt to encourage people to borrow money cheaply.  Most of this money has gone into the stock market and into housing.

Fed Chair Janet Yellen will address the decision in a press conference at 2:30 p.m., ET.

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