The Federal Open Market Committee (FOMC) confirmed today that the benchmark interest rates will remain steady at 5.25% to 5.50%.
Speaking after the meeting, US Federal Reserve Chairman Jerome Powell, was anticipated by many, especially considering the 525 basis point increase in the policy rate since March 2022. This brings the current rate to the 5.25% to 5.50% range. Notably, this decision comes even as the US inflation rate consistently surpasses the central bank’s desired levels, though the US economy continues to show strength.
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