ECONOMY

Fed Sets Mark for Holding Steady: The policy-making arm of the Federal Reserve, under the guidance of Chairman Alan Greenspan, set a record this week for the longest period in which it has neither raised nor lowered interest rates. The Fed has not changed its perceived target for the federal funds rate since Sept. 4, 1992, a lapse of more than seven months, economists said. At that time, the Fed lowered its funds rate target to 3% from the 3.25% set in July. The federal funds rate, which influences other rates throughout the banking system, is the rate at which banks lend each other money on an overnight basis.