Fed keeps rates unchanged, acknowledges economy is 'strong'

WASHINGTON - The Federal Reserve held interest rates steady on Wednesday but left the door open to a further increase in borrowing costs in a policy statement that acknowledged the US economy’s surprising strength but also nodded to the tighter financial conditions faced by businesses and households.

US stocks edged higher following the release of the policy statement while the US dollar pared gains against a basket of currencies. US Treasury yields fell to session lows. The Fed’s latest statement noted that with job gains still “strong” and inflation still “elevated,” the central bank continues to consider “the extent of additional policy firming that may be appropriate to return inflation to 2 per cent over time.”Fed Chair Jerome Powell will hold a press conference at 2:30 p.m. EDT to elaborate on the statement and an economic outlook that, so far, has defied expectations of an imminent slowdown.

Finance Finance Latest News, Finance Finance Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

US stocks rally as Fed holds rates, prompts hope for end to hikesWall Street's major indexes closed higher on Wednesday (Nov 1) with the Nasdaq's 1.6 per cent advance leading gains, after the US Federal Reserve kept interest rates unchanged and comments from its top official fu
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Asian stocks stutter ahead of Fed, frail yen in focusSINGAPORE : Asian stocks inched lower on Wednesday ahead of a keenly-awaited policy decision from the Federal Reserve later in the day, while the yen was stuck near one-year lows against the dollar, keeping markets on edge for possible intervention by Tokyo.
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »