Fed holds off rate increase but outlook largely unchanged
Latest projections show majority of Fed governors and presidents still expect a hike this year
The Federal Reserve left interest rates unchanged today (September 17), citing financial developments abroad and weak inflation in the US, but 13 of the 17 governors and presidents still expect to hike this year.
Announcing the decision – which caused the dollar to dip against both sterling and euro – the Fed warned recent market volatility could restrain economic activity in the US and "put further downward pressure on inflation in the near term".
Nonetheless, Fed chair Janet Yellen insisted
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