Fed keeps rates unchanged but points to strong economic activity
FOMC says it expects to implement gradual increases in federal funds rate
The US Federal Reserve kept rates unchanged after its monetary policy meeting on August 1, but stressed economic activity is strong and it expects to gradually increase the target range.
The federal funds rate remains at a range between 1.75-2%. The Federal Open Market Committee (FOMC) last increased rates by 25 basis points on June 13. The Fed initiated this tightening cycle in December 2015 and has gradually implemented seven hikes as unemployment has fallen and inflation has approached the 2
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