The US Federal Reserve revised its view on the economy but made no change to monetary policy ahead of big decisions on fiscal policy due after November’s election.
Making minimal changes to its statement, the rate-setting Federal Open Market Committee said “household spending has advanced a bit more quickly”, but noted that “inflation recently picked up somewhat”.
The Fed’s steady-as-she-goes policy – which was widely expected after it launched a radical third round of quantitative easing in September – suggests it will wait for greater clarity on tax and spending decisions before taking further action.
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