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January 29, 2003 2:15 PM, EST

As expected by analysts, the Federal Open Market Committee of the Federal Reserve said Wednesday that it was leaving its benchmark interest rate unchanged.

The interest rate at which commercial banks lend each other money overnight is currently at 1.25%, a four-decade low. Low interest rates help spur consumer and capital spending, both of which can help the economy and particularly the trucking industry.

In its statement, the Fed’s policy panel keyed in on geopolitical events as having a noticeable impact on the U.S. economy.

"Oil price premiums and other aspects of geopolitical risks have reportedly fostered continued restraint on spending and hiring by businesses," the central bank said in its statement. "However, the committee believes that as those risks lift, as most analysts expect, the accommodative stance of monetary policy, coupled with ongoing growth in productivity, will provide support to an improving economic climate over time."

The FOMC left its bias toward future risks unchanged. It said the risks to its goals of "price stability and sustainable economic growth" were balanced.

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