United States Federal Reserve's Federal Open Market Committee (FOMC) announced on Wednesday, through a statement, that its members have reached a unanimous decision to keep the federal funds rate at a range of 5.25% to 5.50% for the fifth consecutive time.
The central bank backed its decision by noting a further deceleration in inflation while emphasizing that prices still remain "elevated." Additionally, it stated that the economy experienced growth at a "solid pace," with robust employment figures and a low rate of unemployment.
The Fed reaffirmed that it will closely monitor and evaluate further information in order to determine the most suitable course of action for monetary policy and added that it does not consider "appropriate to reduce the target range until it has gained greater confidence that inflation is moving sustainably" to the 2% target.
