Federal Reserve holds interest rates steady at 3.5%-3.75% amid Middle East uncertainty
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Summary
The Federal Open Market Committee (FOMC) voted unanimously (12-0) to maintain the federal funds rate target range at 3.5% to 3.75%. The Committee reaffirmed its policy of maintaining ample reserves in the banking system and noted that economic activity is expanding at a solid pace despite elevated uncertainty partly due to the conflict in the Middle East.
Key quotes
· 3 pulledThe Committee decided to maintain the target range for the federal funds rate at 3-1/2 to 3-3/4 percent, in support of the Federal Reserve's dual mandate.
The Committee reaffirmed its policy of maintaining ample reserves in the banking system.
Economic activity is expanding at a solid pace despite elevated uncertainty that owes, in part, to the conflict in the Middle East.
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