Fed says inflation is top priority; acknowledges credit, housing risks

The Federal Reserved left a key interest rate unchanged on Tuesday, citing a priority to control inflation even as it acknowledged volatility in the financial markets, including a tighter credit market and an ongoing housing downturn.

The Fed voted unanimously to keep its federal funds rate at 5.25 percent following a meeting of central bank members.

The group of U.S. central bank colleagues, known as the Federal Open Market Committee, said the economy will continue to grow in the coming quarters based on "solid growth in employment and incomes and a robust global economy.'