The Federal Reserve held interest rates steady after policy meetings this week and signaled that it has no plans to adjust rates next year against the backdrop of solid economic growth
The rate pause comes after the Fed delivered three cuts over the last five months, delivering a boost to the economy and President Donald Trump’s reelection prospects, although those moves stopped well short of the below-zero rates the president has demanded.The current level of rates “is appropriate to support sustained expansion of economic activity, strong labor market conditions” and inflation near 2 percent,. The central bank’s target borrowing rate is set between 1.5 percent and 1.
Underlying today’s decision is the Fed’s projection that the U.S. economy will expand by 2 percent next year, which the central bank sees as a healthy level of growth. The Fed in its statement signaled that it’s closely watching slowing global growth and trade tensions as it decides what to do next year. It’s also monitoring inflation, which has been coming in below the central bank’s 2 percent target, something that means the central bank won’t be in a rush to increase rates anytime soon.
Four officials among the 17 that sit on the Fed’s policy committee said another rate hike might be warranted next year if the economy continues on its current path, but the rest did not forecast any moves in 2020.
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