2023-11-01 18:24:18
(Updated with details and context)
WASHINGTON, November 1 (Archyde.com) – The US Federal Reserve (Fed) on Wednesday, as expected, maintained the Fed funds rate target at 5.25%-5.50% following a pause decided during its previous meeting in September, while leaving the door open to further increases in the cost of credit.
This decision was taken unanimously, the American central bank said in a press release published at the end of its two-day monetary policy meeting.
The Fed highlighted the surprising strength of the economy in its statement, while noting the tighter financial conditions facing U.S. businesses and households.
“Economic activity grew at a strong pace in the third quarter,” writes the Fed, while recent data shows that the gross domestic product (GDP) of the United States increased in the July-September period by 4 .9% on an annual basis.
The Fed also described the jobs market as still “strong” and inflation still “high,” saying it continued to study “the extent of further policy tightening that might be appropriate for bring inflation down to 2%.
Fed Chairman Jerome Powell is due to comment on the decisions and forecasts of the FOMC, the Fed’s monetary policy committee, during a press conference scheduled for 6:30 p.m. GMT. (Reporting Howard Schneider; French version Claude Chendjou, edited by Jean Terzian)
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