Fed holds interest rate steady
The US Federal Reserve kept the primary interest rate at a range of 3.50-3.75% in its fifth consecutive meeting without change, in an effort to control the persistent high inflation, which remains above the 2% target. While data indicates steady growth in economic activity and increases in production and capital investment, the bank notes that inflation continues partly due to supply shocks, such as those in the oil sector. This decision comes amid expectations of a future rate hike, with the bank continuing to monitor domestic and global economic developments.
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