US Federal Reserve holds rates steady, as expected
The Federal Reserve held interest rates steady on Wednesday, awaiting further data on the path of inflation. In a 10-2 decision, the US central bank said it would maintain its benchmark interest rate within the current 3.75 percent and 4.00 percent range, while acknowledging that inflation "remains elevated," upgrading its assessment of the economy and hinting that further rate hikes may be…
On Wednesday, the US Federal Reserve maintained its interest rates as anticipated, delaying a potential increase. The US central bank opted to keep its benchmark rate within a 3.75 percent to 4.00 percent range during a 10-2 vote, acknowledging that inflation remains high. The Federal Open Market Committee stated in its policy statement that additional information would aid them in deciding the suitable policy approach to bring inflation back to its 2 percent target.
Fed Governor Lisa Cook and Cleveland Fed President Beth Hammack each dissented, favoring a quarter-percentage-point rate hike, similar to their stance in July. This policy update marks a shift from the September meeting, hinting at a potential change in guidance, while avoiding the forward guidance approach advocated by Fed Chairman Kevin Warsh.
The Fed upgraded its assessment of the US economy from "solid" to "strong," noting robust investment and steady job growth.
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