WASHINGTON (Sputnik) — The United States’ benchmark interest rate will remain unchanged at 2 to 2.25 percent, the US Federal Reserve’s policy-setting Federal Open Market Committee (FOMC) said in a statement after a policy meeting on Thursday.
«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 2 to 2-1/4 percent,» the statement said.
The Fed cited a strengthening labor market, declining unemployment and strong household spending as factors in its decision.
In September, the Fed raised the federal funds rate a quarter of a percentage point from 2 percent to 2.25 percent, the third rate increase this year.
Following the 2018 financial crisis, the Fed kept rates at near record lows for years to stimulate the economy.
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The Central Bank has increased rates gradually over the past three years and earlier signaled it could raise rates one more time before the end of the year.