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Warsh affirms Fed's inflation fight
The U.S. Federal Reserve kept its key interest rate unchanged within the range of 3.5% to 3.75%, rejecting prior hints of a rate hike despite opposition from three Federal Reserve members. Chair of the Fed, Jerome Powell, emphasized the central bank's commitment to achieving the 2% inflation target while continuing to closely monitor economic data. He indicated that the decision to hold rates steady does not signify a pause but rather marks the beginning of a flexible approach dependent on future developments. Markets are focused on recent data showing a temporary slowdown in inflation, even as inflationary pressures return due to rising fuel prices resulting from geopolitical tensions. Investors are also awaiting Powell’s speech at the Jackson Hole conference at the end of August.
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