The U.S. Federal Reserve has been in tightening mode since last year, but this month it's
decided to keep its benchmark interest rate unchanged.
It's also upgraded its view of the U.S. economy to "strong."
Lee Seung-jae reports.
After a two-day meeting of the Federal Open Market Committee,... the U.S. Federal Reserve
held its benchmark interest rate unchanged on Wednesday,...
reaffirming its plans to continue raising borrowing costs a gradual pace.
The Fed, as widely expected for weeks, voted unanimously to keep the rate at a target range
of between 1.75% and 2%.
In a written statement after their two-day meeting,... the Fed said the interest rate
was left unchanged due to economic activity growing at a 'strong rate'.
An advanced estimate of gross domestic product for the second quarter released last Friday,...
showed that the economy is growing at an annual rate of 4-point-1 percent,... the fastest
rate in nearly four years.
Back in June,... the Fed raised its target rate by 0-point-25 percentage points,... the
second such hike this year,... and the fifth since March 2017.
The Fed policymakers also forecast two more hikes this year,... and investors are expecting
the next hike to happen after the Fed's next meeting in September.
According to Bloomberg,... there is a 92% probability that it will raise the fed funds
rate to a range of 2% to 2.25%.
All signs points to continued small increases in the Federal Reserve's still historically
low short-term interest rate.
This comes as policymakers reiterated on Wednesday,... that "further gradual increases" in the rate
would be consistent with sustaining economic growth,... while keeping the labor market
strong and inflation near the central bank's 2% annual target.
Lee Seung-jae, Arirang News.
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