The Federal Open Market Committee (FOMC) decided to keep the federal funds interest rate where it has been since last July, in the 5.25%-to-5.5% range. Of course, that came as no surprise to many.
In addition to noting that the economy has continued to expand at a “solid pace,” job gains have remained strong, and unemployment has stayed low, the committee added that “there has been a lack of further progress toward the… 2% inflation objective” in recent months.
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