Fed leaves interest rates unchanged despite inflation in the US
Summary
The Federal Reserve left its benchmark interest rate unchanged at 3.75% to 4% in a 10-2 vote. The decision came as annual U.S. inflation rose to 3.7% in September, while the Fed said it would assess more data before deciding on future policy.Key Facts
- The Fed’s rate decision was its final monetary policy decision before the U.S. midterm elections.
- The central bank said economic activity was expanding at a strong pace and domestic spending remained resilient.
- The September Consumer Price Index showed annual inflation at 3.7%, up from 3.4% in August.
- The Fed said energy prices largely accounted for the monthly inflation increase.
- The Personal Consumption Expenditures Price Index report was scheduled for release on Thursday.
- President Donald Trump has called for lower interest rates and criticized the Fed’s earlier rate increase.
- The Fed’s next policy meeting is scheduled for December 8-9.
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