The federal funds rate, which affects the cost of mortgages, credit cards and other borrowing, will now hover between 1.5% and 1.75%.
Federal Reserve Chairman Jerome Powell strongly suggested at a press conference on Wednesday that the Fed would hold rates steady for the foreseeable future.
He said the current level is “likely to remain appropriate” given the Fed’s economic outlook of moderate economic growth, a strong labor market and inflation growing at around 2%.
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