The Federal Reserve declined to raise its benchmark federal funds
rate on Thursday, saying that uncertainty abroad, volatility in
financial markets and stubbornly low inflation persuaded members that
the U.S. economy is not yet growing strongly enough to merit a light tap
on the brakes.
Speaking at a news conference shortly after the
decision was announced, Fed Chairman Janet Yellin said that most members
of the Fed's Open Market Committee remain persuaded that a rate hike
will be appropriate before the end of the year.
The committee announced the decision at the
conclusion of a two-day meeting in Washington to assess the state of the
nation's economy.
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