Last night the US Federal Reserve kept its key Fed Funds target rate unchanged between 2 and 2.5 per cent. ‘’The Committee expects that further gradual increases in the target range for the federal funds rate will be consistent with sustained expansion of economic activity, strong labor market conditions, and inflation near the Committee’s symmetric 2 per cent objective’’. Same language as last time but some had expected/hoped that further rate rises might be pushed out into the long grass after October’s stock market hiccup.
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