WASHINGTON (Sputnik) – The United States’ benchmark interest rate will remain unchanged at 2 to 2.25 percent, the US Federal Reserve’s policy-setting Federal Open Market Committee (FOMC) said in a statement after a policy meeting on Thursday.
“In view of realized and expected labor market conditions and inflation, the Committee decided to maintain the target range for the federal funds rate at 2 to 2-1/4 percent,” the statement said.
The Fed cited a strengthening labor market, declining unemployment and strong household spending as factors in its decision.
In September, the Fed raised the federal funds rate a quarter of a percentage point from 2 percent to 2.25 percent, the third rate increase this year.
Following the 2018 financial crisis, the Fed kept rates at near record lows for years to stimulate the economy.
READ MORE: Federal Reserve Helped US Top Banks to Avoid Stress Tests Failure — Reports
The Central Bank has increased rates gradually over the past three years and earlier signaled it could raise rates one more time before the end of the year.