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B. G., Opalesque Geneva: The Federal Reserve held the benchmark federal funds rate steady at the Federal Open Market Committee (FOMC) meeting on September 20.
"The Committee seeks to achieve maximum employment and inflation at the rate of 2 per cent over the longer run. In support of these goals, the Committee decided to maintain the target range for the federal funds rate at 5.25 to 5.5 per cent," says the announcement.
The FOMC was widely expected to keep the interest rate unchanged after having raised its policy rate by 525 basis points since March 2022, despite persistent US inflation rate levels exceeding the central bank's target range while the US economy remains resilient, reported Mint.
The Fed's decision comes as inflation dropped to 3.7% year-over-year in August, after hitting the highest levels in decades at over 9% in mid-2022, said Bank Rate.
After the Fed's announcement, U.S. stocks finished lower on Wednesday and logged their lowest closing levels of September. The S&P 500 fell by 0.9%, the Nasdaq Composite shed ...................... To view our full article Click here
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