Fed Keeps Interest Rate Unchanged at 3.75-4%
The US Federal Reserve kept its benchmark interest rate unchanged despite pressure from the Washington administration to cut it. Ten committee members voted in favor, two against.
The US Federal Reserve decided to keep its benchmark interest rate within the 3.75-4% range, despite the Washington administration's demand for a cut. Ten members of the committee voted to keep monetary policy unchanged, while two voted against. The Fed's statement noted that economic activity is growing rapidly, domestic spending remains stable, and unemployment has barely changed. It also said that despite ongoing uncertainty partly caused by geopolitical events, productivity and capital investment are showing significant growth. The Fed stated that inflation in the US remains high, and the committee will determine the policy needed to return inflation to its 2% target as new data comes in. The rate had previously been raised for the first time in three years.
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