Economic Buzz: US Fed leaves interest rate unchanged at 3.5%-3.75%

The United States Federal Reserve's Federal Open Market Committee (FOMC) revealed in a statement on Wednesday that it decided to hold the federal funds rate at between 3.5% and 3.75%. However, the decision wasn't unanimous like the last time, with three members voting to raise the rate by 25 basis points and nine members voting to leave it unchanged.

The rest of the statement remained identical to the June one, with the Fed reiterating that economic activity is expanding at a solid pace, even with elevated uncertainty present. Productivity growth and capital investment are strong. Job gains have kept pace with the workforce, and the unemployment rate has changed little, the US central bank repeated, further mentioning that inflation is still elevated and insisting that price stability will be delivered.

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