The US Federal Reserve has decided to keep interest rates unchanged for the fourth consecutive time, holding them in the range of 3.50% to 3.75%, as expected.
At its first meeting under the leadership of Kevin Warsh, the new Fed chair, held on Wednesday, the Fed signalled it expects to raise rates later this year.
During the meeting, members unanimously approved the decision to hold rates steady, reaffirming their commitment to maintaining adequate reserves in the banking system.
Members stressed the strength of US economic growth despite uncertainty stemming in part from the conflict in the Middle East, affirming that productivity and capital investment are growing robustly.