Fed announces rate hike decision

Dated: 08/02/2018

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As expected, the Federal Reserve’s policymaking body decided to hold rates steady at its meeting today.

The Federal Open Market Committee announced that, after two consecutive rate hikes, it would hold rates steady for the time being.

“In view of realized and expected labor market conditions and inflation, the Committee decided to maintain the target range for the federal funds rate at 1-3/4 to 2 percent,” the Fed said in a statement. “The stance of monetary policy remains accommodative, thereby supporting strong labor market conditions and a sustained return to 2 percent inflation.”

The decision came as no surprise to observers. The central bank raised rates in March and June, and most analysts predicted that it would hold rates steady at this meeting. However, two more rate hikes are widely expected before the end of the year, with many observers looking for them to come in September and December.

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