US Federal Reserve Bank keeps interest rate unchanged for fourth time in a row

The Fed confirmed in a statement that it was holding its benchmark lending rate steady at its 23-year high, between 5.25 and 5.50 percent

PGurus Newsdesk

February 1, 2024

The Fed confirmed in a statement that it was holding its benchmark lending rate steady at its 23-year high, between 5.25 and 5.50 percent

Powell-led FOMC keeps key rates unchanged at 5-1/4 to 5-1/2 percent for 4th straight meeting

The US Federal Reserve Bank has kept the interest rate unchanged for the fourth consecutive time after its customary two-day meeting, saying the “economic outlook is uncertain” despite the economy was “expanding at a solid pace”.

The Fed has kept the rate at 5-1/4 to 5-1/2 percent.

“The Committee does not expect it will be appropriate to reduce the target range until it has gained greater confidence that inflation is moving sustainably toward two percent,” the Fed said on Wednesday in a statement after the meeting of the Federal Open Market Committee, the top decision-making body.

[With Inputs from IANS]

For all the latest updates, download PGurus App.