US Federal Reserve keeps interest rate unchanged at 5.25%-5.50% as inflation sticks

The US Federal Reserve has decided to keep its benchmark interest rate at 5.25 to 5.50 percent. Chairman Jerome Powell said while inflation has eased significantly over the past year, it’s still too high, and that while wage growth has slowed down, the labour market remains tight.The central bank will slow down the pace of quantitative tightening from next month,  reducing the cap on Treasury bonds it allows to run off to $25 billion from the current $60 billion per month.  

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