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The Federal Reserve, citing a shaky global financial environment, has chosen not to raise interest rates.
The just-concluded monthly meeting of the central bank’s Federal Open Market Committee (FOMC) noted improvements in household spending and the housing sector as evidence of a stronger U.S. economy. But the committee also observed that “global economic and financial developments continue to pose risks,” adding that a continuation of the current rate level would support “further improvement in labor market conditions and a return to two percent inflation.”
The decision not to raise rates was near-unanimous, with only Kansas City Fed Chief Esther George advocating for a rate hike.