Summary
The US Federal Reserve decided to keep interest rates the same for the fifth time in a row, even though President Trump wanted them lowered. Two board members disagreed with the decision, suggesting some support for lower rates. The Commerce Department noted the economy grew by 3% in the April to June period after it shrank earlier in the year.
Key Facts
- The US Federal Reserve chose not to change interest rates.
- President Trump had urged for lower interest rates.
- Chairman Jerome Powell announced the decision.
- Two Federal Reserve board members wanted a rate cut, indicating differing opinions.
- The US economy grew at 3% from April to June, following a shrinkage in the first quarter.
- The Commerce Department provided the economic growth data.
