WASHINGTON, Sept 21 — The US Federal Reserve voted Wednesday to hold interest rates at a 22-year high while predicting that lending rates will need to remain higher for longer to...
WASHINGTON, Sept 21 — The US Federal Reserve voted Wednesday to hold interest rates at a 22-year high while predicting that lending rates will need to remain higher for longer to definitively cool inflation.
The Fed’s decision to keep its key lending rate between 5.25 and 5.50 per cent gives policymakers more time to assess the health of the US economy amid signs of robust economic growth and a strong labour market. The recent string of positive economic data has raised hopes that the Fed can slow price increases without triggering a damaging recession.
At the same time, they raised their forecast for where interest rates will be next year by half a percentage point — a significant increase that indicates a slower pace of rate cuts than previously anticipated. “Stronger economic activity means we have to do more with rates,” Powell said during his press conference.
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