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Economics

Fed Leaves Key Rate Unchanged With Economy Growing at ‘Strong Rate’

  • Committee repeats expectation for ‘further gradual increases’
  • Vote was unanimous, with John Williams as FOMC vice chairman
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The Fed keeps the benchmark interest rate unchanged. Bloomberg’s Mike McKee reports.Source: Bloomberg)
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Federal Reserve officials left U.S. interest rates unchanged and stuck with a plan to gradually lift borrowing costs amid “strong” growth that backs bets for a hike in September.

Economic activity has been “rising at a strong rate,” and unemployment “has stayed low,” the Federal Open Market Committee said Wednesday in a statement released in Washington. “Household spending and business fixed investment have grown strongly.”