United States Federal Reserve's Federal Open Market Committee (FOMC) revealed on Wednesday in a statement that the members unanimously agreed to hold the federal funds rate at between 5.25% and 5.50% for the seventh consecutive time.
The economic activity was seen expanding "at a solid pace" while job gains "have remained strong." Meanwhile, inflation is still being characterized as "elevated," although there were indicators of cooling over the past year. The FOMC said that the economic outlook is "uncertain." However, "the risks to achieving its employment and inflation goals have moved toward better balance over the past year."
The Fed emphasized that it does not consider it appropriate to cut interest rates until there is "greater confidence that inflation is moving sustainably toward" the 2% target.
