Business news digest

NATION

Fed expected to stand pat on interest rates this week

WASHINGTON — Straddling risky economic crosscurrents, the Federal Reserve is expected to stand still this week on interest rates.

Fed Chairman Ben Bernanke and his colleagues, who open a two-day meeting today, are in a tricky spot: they are faced with stuck-in-a-rut economic growth along with inflation threats from rising prices for energy, food and other commodities.

Fed officials have made clear that because of concern about inflation, they’re not inclined to cut rates further. At the same time, they have recognized that pushing rates up too soon could undermine an economy buffeted by housing, credit and financial woes.

REGION

Cortland Banks project gets under way in N. Lima

NORTH LIMA — Cortland Banks broke ground Monday at the intersection of Western Reserve Road, Woodworth Road and Market Street for its new 2,927-square-foot branch.

The new branch will replace the location at the corner of South Avenue and Southwestern Run, which will close in November.

The bank’s total investment in the project is expected to be approximately $1.25 million.

Construction is scheduled to be completed by November 2008.

From Vindicator staff and wire reports