Fed holds interest rates steady
The Fed cited the low inflation rate and recent turmoil in global economies as the main reasons behind their decision. The bank reported that recent global economic and financial developments may disrupt US economic growth and exert further downward pressure on the inflation rate, which is currently below the bank’s target of 2%. In the 12 months ending July, the US inflation rate was at 0.3%, standing below the Fed’s 2% target for more than three years, according to Fed data.
The bank also reported that they will consider increasing rates when they see better figures in the labor market and feel confident that inflation will reach their target of 2% over the medium term.
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