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U.S. Fed keeps rate steady
Organization: Department of International Cooperation        Publish Date: 2016-09-29 15:43
U.S. Fed keeps rate steady
Source: CNN (09/21/2016)

The U.S. Federal Reserve decided not to increase its interest rate on Sep. 21, 2016 at the conclusion of a two-day meeting. The decision was largely expected by economists and investors who predicted there was very little chance of a move.
"Our decision does not reflect a lack of confidence in the economy," said Janet Yellen, chair of the Fed. "It's better to err on the side of caution."
The Fed downgraded its forecast for economic growth in 2016 for the third time this year. It now projects growth this year to be 1.8%. In June it forecasted growth of 2%.
Many economists and investors said the Fed's hesitancy to raise rates and conflicting messages from its top leaders has weakened public confidence in the central bank.
The Fed last raised interest rates in December 2015, representing its first increase in nearly a decade. Currently, interest rates range between 0.25% and 0.5%.
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