For the first time this year, the Federal Reserve raised interest rates, a widely expected move following strengthening economic reports and signals from Fed officials. After its two-day policy meeting, the Federal Open Market Committee voted to raise the range of the federal funds rate to 0.75% and 1.00%, citing progress in labor market growth, business fixed investment and inflation. “In view of realized and expected labor market conditions and inflation, the Committee decided to raise…the fed funds rate,” the central bank wrote in its statement.
The Federal Reserve kept interest rates unchanged on Wednesday, a widely expected move given uncertainty surrounding US fiscal policy. After its two-day policy meeting, the Federal Open Market Committee unanimously voted to hold the federal funds rate between 0.50% and 0.75%, citing progress in labor market growth. “Job gains remained solid and the unemployment rate stayed near its recent low,” the central bank wrote in its statement.
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