Washington ? Faced with an economy that’s not showing much gusto, the Federal Reserve probably will hold short-term interest rates at 40-year lows through the summer, giving borrowers yet more time to take advantage of low-cost financing.

That’s the growing feeling among economists as Federal Reserve Chairman Alan Greenspan and his Federal Open Market Committee colleagues began a two-day meeting Tuesday to discuss interest rate policy.

“The U.S. economy is like a canoe in very choppy water. It is trying to make headway, but it is still very difficult,” said Lynn Reaser, an economist.

Given the spotty recovery, economists are predicting the Fed will leave rates unchanged at the end of their two-day meeting today and through the summer. Policy-makers have leeway to keep rates low because inflation has been well-behaved, analysts said.

“Events of late give the Fed more reasons to remain on hold,” said Stuart Hoffman, chief economist at PNC Financial Services Group.