WASHINGTON (dpa-AFX) - The Federal Reserve on Wednesday announced its widely expected decision to leave interest rates unchanged for the fifth consecutive meeting.
In support of its dual goals of maximum employment and inflation at the rate of 2 percent over the longer run, the Fed said it decided to maintain the target range for the federal funds rate at 4.25 to 4.50 percent.
The decision to leave rates unchanged was not unanimous, however, as Fed Governors Michelle Bowman and Christopher Waller preferred to lower rates by a quarter percentage point.
In its accompanying statement, the Fed noted recent indicators suggest U.S. economic growth moderated in the first half of the year after describing the pace of growth as 'solid' after its previous meeting in June.
The Fed reiterated that the unemployment rate remains low and labor market conditions remain solid but also said inflation remains somewhat elevated.
The central bank also once again said it will carefully assess incoming data, the evolving outlook, and the balance of risks in considering the extent and timing of additional adjustments to the target range for the federal funds rate.
The Fed's next monetary policy meeting is scheduled for September 16-17, with CME Group's FedWatch Tool currently indicating a 61.8 percent chance the central bank will lower rates by 25 basis points but a 36.9 percent chance rates will remain unchanged.
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