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Washington, July 29 (QNA) – The US Federal Reserve left its benchmark interest rate unchanged today, maintaining the federal funds target range at 3.50% to 3.75%.
The decision to keep rates unchanged was opposed by three of the 12 members of the Federal Open Market Committee (FOMC), the body responsible for setting US monetary policy. The dissenting members favored raising interest rates by 25 basis points.
In a statement, the Federal Reserve said inflation remains relatively elevated compared with its 2% target, reflecting in part supply shocks in certain sectors, including energy. It also noted that the unemployment rate has changed little.
US President Donald Trump called on the Federal Reserve on Monday to lower interest rates, saying the United States should have the lowest interest rates in the world. (QNA)
