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Fed Holds Rates Steady, Hints at Year-End Increase
The Federal Reserve opted on Wednesday to leave its prime lending rate unchanged at 0.25%-0.50%.
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The Federal Reserve opted on Wednesday to leave its prime lending rate unchanged at 0.25%-0.50%. The central bank says stronger economic activity and “solid” job gains are “roughly balanced” by near-term risks to future growth.
But if positive trends continue, the Fed appears apt to raise the rate slightly in December, even though inflation is likely to remain well below the Fed’s 2% target.
Fed Chair Janet Yellen says the decision not to raise rates quite yet shouldn’t be taken as a lack in confidence in the American economy. But she says the central bank wants to “wait for further evidence” of the economy’s “continued progress” before changing the lending rate.
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