US Fed Reserve Policy: FOMC keeps interest rates unchanged at 5.25%-5.50%
The US Federal Reserve unanimously voted Wednesday, September 20 to hold its overnight interest rates at 5.25 per cent – 5.50 per cent – continuing its July stance, while forecasting an additional rate hike before the end of the year to bring down inflation. During the previous Fed Reserve policy decision, the quarter percentage-point rise lifted the Fed’s key lending rate to its highest level since 2001.
The Federal Open Market Committee (FOMC) members had voted unanimously in July to hike the overnight interest rate to 22-year high to bring inflation down to the 2 per cent target. The Fed’s current decision to keep its key lending rate between 5.25 per cent and 5.50 per cent gives policymakers time to “assess additional information and its implications for monetary policy,” the US central bank said in a statement.
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Updated: 20 Sep 2023, 11:43 PM IST