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9/16, 8:00 PM (Source: TeleTrader)
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Fed keeps interest rate steady

The Federal Open Market Committee announced on Wednesday that it voted unanimously to leave the target range for the federal funds rate unchanged at 0.00-0.25%.

The Federal Reserve said that the ongoing coronavirus outbreak continues causing "tremendous human and economic hardship" across the United States. Despite a pick up in economic activity and employment, their levels remain "well below" the pre-pandemic levels, the FOMC statement read. In addition, weaker demand and significantly lower oil prices are holding down consumer price inflation.

"The recovery will depend significantly on the course of the virus," the Fed said, noting that the "ongoing public health crisis will continue to weigh on economic activity, employment, and inflation in the near term."

Breaking the News / MD