US Fed keeps interest rates unchanged for fifth straight meeting

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  • US Fed keeps interest rates unchanged for fifth straight meeting

The U.S. Federal Reserve on Wednesday kept the target range for the federal funds rate unchanged at 4.25 percent to 4.5 percent, though it faces stark pressure and harsh criticism from the Trump administration. Uncertainty about the economic outlook remains elevated, said the statement.

The U.S. economy expanded at an annualized rate of 3 percent in the second quarter, compared with a contraction of 0.5 percent in the first quarter, according to data released Wednesday by the U.S. Commerce Department. Fed Chair Jerome Powell said the Fed had not yet determined whether it would cut rates at its September meeting. The Fed does not consider the cost of rate changes to the governments and the fiscal needs of the federal government, he added.

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