

The Federal Reserve kept its overnight lending rate steady at a range of 3.5% to 3.75%. Available indicators suggest that economic activity has been “expanding at a solid pace,” according to the Federal Open Market Committee’s post-meeting statement. Policymakers also noted that the unemployment rate has shown some signs of stabilization.
At his press conference, Fed Chair Jerome Powell said, “Many of my colleagues think it’s hard to look at the incoming data and say that policy is significantly restrictive at this time.” The Fed’s decision comes at a hectic time for the central bank. President Donald Trump last week told CNBC that he may have narrowed his search for a new Fed chair to one candidate. The Justice Department has also been investigating Powell, a move that’s raising concerns about the Fed’s independence.
Source: CNBC
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