WASHINGTON(Sputnik) — The US interest rate will remain unchanged at 0.25-0.5 percent range, the Federal Open Market Committee (FOMC) announced in a press release on Wednesday.
"The Committee decided to maintain the target range for the federal funds rate at 1/4 to 1/2 percent," the release stated.
The case for a raising the rate has continued to strengthen, but the FOMC explained that it needed to wait for further evidence of progress towards its objectives.
The stance of monetary policy remains "accommodative" to support improvement in labor market conditions and a return to two percent inflation, according to the FOMC.
