Fed Holds Rates at 3.5%–3.75%, Powell Says Path Forward Will Be Data-Dependent
The Federal Open Market Committee left the target range for the federal funds rate at 3.5%–3.75% and Chair Jerome Powell said the committee will make future decisions meeting-by-meeting based on incoming data, citing stabilizing labor-market signs and continued, though elevated, inflation.
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The Federal Open Market Committee decided to maintain the target range for the federal funds rate at 3 and a half to 3 and 3 quarters percent, Federal Reserve Chair Jerome Powell said following the committee's meeting. Powell described incoming indicators as showing solid economic expansion and said the current stance of policy is appropriate to promote progress toward maximum employment and the Fed's 2% inflation goal.
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