Fed Leaves Rates at 5.25%
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The Federal Reserve on Wednesday left the federal funds rate unchanged at 5.25% for a third-straight meeting amid signs of slower growth but kept the door open for higher rates if inflation persists.
An accompanying statement largely mirrored the one issued in September, repeating that the economy is moderating due to a “cooling” housing sector, that “some inflation risks remain” and that any additional federal funds rate hikes will depend on the economic outlook.
The statement suggests the likeliest scenario is a prolonged period of policy stability, assuming the Fed’s forecast of slower growth and moderating inflation unfolds.
The Federal Open Market Committee, as universally expected in a Dow Jones Newswires survey, voted 10-1 to keep the federal funds rate at 5.25%, where it has stood since late June following 17-straight hikes dating back to mid-2004.