The US Federal Reserve System decided to keep the interest rate on federal loan funds at the level of 5.25-5.5% per annum. This decision was made unanimously and coincided with the expectations of most analysts and economists. The rate, which is at its highest level in 23 years, has not changed for the eighth meeting in a row. The Fed notes that the US economy continues to grow at a steady pace, although job growth has slowed and the unemployment rate, while remaining low, has increased slightly. Inflation, according to the Fed, has weakened over the past year, but still remains above the 2% target. In a previous statement, the regulator described inflation as «elevated», and now notes «some further progress» in reducing it. The Fed emphasizes that the risks to achieving employment and inflation targets have been balanced. The economic outlook remains uncertain, and the Fed is closely monitoring risks that could hinder the achievement of its goals of price stability and maximum employment. The regulator does not plan to lower the rate until there is greater confidence in a steady decline in inflation to 2%. The Fed intends to continue reducing the volume of assets (government bonds and mortgage-backed securities) on its balance sheet.
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