The Federal Reserve has kept interest rates on hold for the first time since July, as chair Jay Powell said the US central bank was in no rush to cut them despite Donald Trump’s relentless campaign to drastically lower borrowing costs.
The Fed on Wednesday left its main interest rate at a range of 3.5 to 3.75 per cent, following three straight quarter-point reductions. The decision matched Wall Street’s expectations.
Powell said after the meeting that with the economy growing at a robust rate, and the jobs market steadying in recent months, rates did not appear to be in “restrictive” territory.
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