Economic Buzz: US Fed leaves interest rate unchanged

Following Kevin Warsh's first monetary policy meeting as Federal Reserve chairman, the central bank on Wednesday announced its widely expected decision to leave interest rates unchanged.

The Fed said it decided to maintain the target range for the federal funds rate at 3.50 to 3.75 percent, citing its dual goals of maximum employment and inflation at the rate of 2 percent over the longer run.

In a significantly pared down statement, the Fed said economic activity is expanding at a solid pace despite elevated uncertainty due in part to the conflict in the Middle East.

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