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US Fed hints at rate hike in December

by ChemOrbis Editorial Team - content@chemorbis.com
  • 29/10/2015 (12:44)
The US Federal Reserve said yesterday that it would hold interest rates steady for the time being, but signaled that a rate hike could be coming in December. This was contrary to speculation that a slowing economy would cause the bank to wait until next year.

The benchmark rate, currently near zero, hasn’t been raised in nearly a decade. Yesterday’s decision to leave the rate unchanged was not surprising as job gains in the US have weakened in the last two months and 3Q economic growth is estimated to be under 2%.

The statement by the Fed saying, "In determining whether it will be appropriate to raise the target rate at its next meeting," the Fed will assess progress toward its goals of maximum employment and 2% annual inflation. This is the first reference to bumping up rates at a specific meeting. Fed policymakers will meet Dec. 15-16.
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