US Fed holds rates steady amid slowing growth, persistent inflation

The Federal Open Market Committee (FOMC) reaffirmed its dual mandate of maximum employment and long-term inflation at two per cent.

“In assessing the appropriate stance of monetary policy, the Committee will continue to monitor the implications of incoming information for the economic outlook. The Committee would be prepared to adjust the stance of monetary policy as appropriate if risks emerge that could impede the attainment of the Committee's goals. The Committee's assessments will take into account a wide range of information, including readings on labour market conditions, inflation pressures and inflation expectations, and financial and international developments,” the FOMC said in a statement.

In a closely watched decision, most members voted to hold the rate steady, with Michelle W Bowman and Christopher J Waller dissenting in favour of a 0.25 percentage point cut. Adriana D Kugler was absent from the vote.

ALCHEMPro News Desk (KD)