- The Federal Reserve announces that the interest rate will remain unchanged at 5.25% to 5.5%.
- Chair Jerome Powell narrates the interest rate’s strong influence on cooling inflation and the reduced unemployment rates.
- Powell hints at the potential modifications in the rate if risks emerge against the Fed’s expectations.
Federal Reserve Chairman Jerome Powell announced the board’s decision to hold the interest rates unchanged at a 23-year high following a two-day Federal Open Market Committee (FOMC) meeting.
Though economists speculated an interest relaxation, the Fed declared that the rate would remain unchanged at 5.25% to 5.5%, considering its significant impact on cooling inflation. In a press release, the Fed asserted that the past year has exhibited strong job gains and lower unemployment rates, along with the easing of inflation. The Fed highlighted in a statement,
“Recent indicators suggest that economic activity has been expanding at a solid pace. Job gains have remained strong, and the unemployment rate has remained low. Inflation has eased over the past year but remains elevated.”
In a previous FOMC meeting, the Fed hinted at the po…
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