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Fed Leaves U.S. Interest Rates Unchanged
The U.S. Federal Reserve decided on Thursday against raising interest rates, currently at 0%-0.25%, because of continuing concerns about the impact of China's slowing economic growth.The U.S.
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The U.S. Federal Reserve decided on Thursday against raising interest rates, currently at 0%-0.25%, because of continuing concerns about the impact of China's slowing economic growth.
Many economists expected the central bank to raise rates for the first time since the end of 2008. But the Fed frets that "global economic and financial developments" could put more downward pressure on America's near-term inflation.
Consumer prices in the U.S. currently are rising at about 1.2%, well below the 2% considered normal. Fed Chair Janet Yellen says the Fed worries that an expected slowdown in China's economic growth could occur more abruptly than expected.
The central bank also says it wants to see further improvement in America's labor market, even though unemployment was at a seven-year low of 5.1% last month.
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