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Fed holds key interest rate steady

The Federal Open Market Committee on Feb. 1 announced that it would hold the target range of the central bank's key interest rate between 50 basis points and 75 basis points.

In their first meeting of the year, policymakers at the Federal Reserve said they were holding the key rate steady after lifting the rate during their final meeting of last year.

"Job gains remained solid and the unemployment rate stayed near its recent low," the FOMC said of overall economic conditions in a policy statement. "Household spending has continued to rise moderately while business fixed investment has remained soft. Measures of consumer and business sentiment have improved of late."

Details to follow.