As most people had expected, following this week’s Federal Open Market Committee meeting members decided to keep interest rates unchanged, the key one at 1.75 per cent. They noted that at 1.9 per cent (highest since February 2017), the core personal consumption expenditure measure of inflation was almost at their 2 per cent target. They also said, ‘inflation on a 12-month basis is expected to run near the Committee’s symmetric 2 per cent objective over the medium term’.
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