The Federal Reserve held interest rates steady on Wednesday amid growing concern about the global economy.

The central bank, which is led by Chairwoman Janet Yellen, announced at the close of its latest policy meeting that it was keeping interest rates between 0.25 and 0.5 percent. In addition, the Fed said it would be “closely monitoring global economic and financial developments.”

The Fed decided to raise rates for the first time in nearly a decade at its December meeting. Since then, financial markets have been in upheaval, driven by a rapid decline in oil prices and growing concern about the strength of China’s economy.

In its newest statement, the Fed said that while the labor market had improved, economic growth had slowed.

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