04:41 GMT29 October 2020
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    WASHINGTON (Sputnik) - The US benchmark interest rate will remain in the range of 1.25 to 1.5 percent, the Federal Open Market Committee (FOMC) said in a statement on Wednesday.

    "In view of realized and expected labor market conditions and inflation, the Committee decided to maintain the target range for the federal funds rate at 1-1/4 to 1‑1/2 percent," the FOMC said.

    The Fed also indicated that it would continue its policy of gradually tightening monetary policy in 2018.

    "In determining the timing and size of future adjustments to the target range for the federal funds rate, the Committee will assess realized and expected economic conditions relative to its objectives of maximum employment and 2 percent inflation," the statement said.

    The Committee said economic conditions would likely evolve in a manner that warrants more gradual increases to the federal funds rate, but it added that the rate would likely remain below target level for some time.

    Meanwhile, the US Senate confirmed last week Jerome Powell as the new Chairman of the Federal Reserve.

    Janet Yellen's term as Fed chair expires on February 3, 2018.


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