Federal Reserve officials left interest rates unchanged but downgraded their view of the US economy, a sign policymakers could be edging closer to lowering borrowing costs.
“Although swings in net exports continue to affect the data, recent indicators suggest that growth of economic activity moderated in the first half of the year,” officials said in a post-meeting statement. The Fed had previously characterized growth as expanding “at a solid pace.”
The Federal Open Market Committee voted 9-2 on Wednesday to hold the benchmark federal funds rate in a range of 4.25%-4.5%, as they have at each of their meetings this year. Governors Christopher Waller and Michelle Bowman voted against the decision in favor of a quarter-point cut. In the q & a, Powell said he thinks it’s important for the central bank to maintain its independence
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