US Fed keeps interest rates unchanged
The bank reported that global and financial developments continue to pose risks while some economists also commented that it would be difficult for the US to increase rates when many countries are keeping their interest rates at negative levels. In addition, the Fed stepped back from their earlier projections of four rate hikes and are now planning two rate increases this year.
Meanwhile, the Fed cut their growth expectations for this year. According to Fed officials, the US economy will grow 2.2% in 2016, down 0.2% from its earlier expectations. For 2017, the bank lowered its growth estimates to 2.1% from a previous growth forecast of 2.2%. They also reported that the inflation rate is lower than expected due to declines in energy prices.
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