US Federal Reserve keeps key interest rate unchanged
The U.S. Federal Reserve held its key interest rate steady, in line with expectations.
The Federal Open Market Committee decided to hold its key interest rate at 5.25-5.5% in November in a unanimous decision, according to its statement on Wednesday night.
The central bank had hiked the rates by 25 basis points in July, which took the benchmark rate to its highest in 22 years. In September, it maintained a status quo.
"The U.S. banking system is sound and resilient. Tighter financial and credit conditions for households and businesses are likely to weigh on economic activity, hiring, and inflation," the Fed said in its policy statement. "The extent of these effects remains uncertain. The Committee remains highly attentive to inflation risks."
