US Federal Reserve Leaves Rates Unchanged
By Stefan J. Bos, Chief International Correspondent Worth News
WASHINGTON/NEW YORK (Worthy News) – The U.S. Federal Reserve, the world’s most influential central bank, held interest rates at a 23-year high on Wednesday but did not immediately indicate when it would begin cutting borrowing costs this year.
The Federal Open Market Committee (FOMC) decision to keep the benchmark federal funds target between 5.25 percent and 5.5 percent was reached unanimously, according to a statement released from the US central bank after the meeting.
“The [Fed] judges that the risks to achieving its employment and inflation goals are moving into better balance,” policymakers wrote in a statement.
However, “The economic outlook is uncertain, and the Committee remains highly attentive to inflation risks.”
Federal Reserve Chairman Jerome Powell added that “if we saw an unexpected weakening in the labor market, that would make us cut rates sooner.”
He admitted that “There is a wide disparity of views” on the U.S. Federal Reserve’s FOMC, which is charged under United States law with overseeing the nation’s open market operations and rate cuts.
Economic uncertainty has increased in the U.S. and other nations in part due to the Hamas-Israel war, Russia’s invasion of Ukraine, and China’s military maneuvers around Taiwan, experts say.
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