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Fed Leaves Benchmark Rate Unchanged, Vows “Patient Approach”

The Federal Reserve’s FOMC decided to leave its benchmark interest rate target unchanged at 2.25 percent to 2.5 percent, and vowed to take a “patient” approach toward further hikes.  Federal Reserve Chairman Powell issued his strongest statement yet that the Fed has changed its outlook regarding interest rate hikes, noting: “The case for raising rates has weakened somewhat.” He added the funds rate is in the committee’s range of a neutral rate estimate, a key measure for the Fed.

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