WASHINGTON (AP) — The Federal Reserve kept a key interest rate unchanged Wednesday against the backdrop of a slowdown in U.S. and global growth and provided no hint of when its next rate hike may occur.
In a statement after its latest policy meeting, the Fed noted that the United States is enjoying solid job gains but also that “economic activity appears to have slowed.”
The Fed said that such key areas as consumer spending, business investment and exports have weakened. At the same time, it expressed less alarm about global economic conditions than it had after its previous meeting in March.
In March, the Fed had cautioned that global developments “pose risks.” In Wednesday’s statement, it no longer mentioned such risks, though it said it would “closely monitor” global economic and financial developments.
The Fed repeated that it expects inflation to move toward its 2 percent target from persistently low levels as temporary factors, like sharply lower energy prices, fade.
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