In a statement Wednesday, the Federal Reserve said it will be keeping rates the same and “will be patient” as it determines an appropriate target range for the federal funds rate. This marks a change of course for the central banking system’s recent approach, previously indicating “gradual increases” in interest rates.
What does this mean for the economy? The Fed has described the U.S. economy as solid, a downgrade from last year when it said it was “strong.” Still, Fed leaders see sustained growth and low unemployment in the economy’s trajectory.
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