The Federal Reserve announced on Wednesday that it was once again keeping its key rate unchanged, but said that they foresee two interest rate cuts by the end of this year, the same as they projected in March.
The Federal Reserve decided to maintain the target range for federal funds at 4.25% to 4.5%.
The Fed kept its key rate unchanged for the fourth straight meeting and said the economy was expanding at “a solid pace.”
“Although swings in net exports have affected the data, recent indicators suggest that economic activity has continued to expand at a solid pace. The unemployment rate remains low, and labor market conditions remain solid. Inflation remains somewhat elevated,” the committee said in press release on Wednesday.
The Federal Reserve added, “The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run.”
The Fed noted that uncertainty about the economic outlook has “diminished but remains elevated.”
Ahead of the decision, President Donald Trump ripped Federal Reserve Chair Jerome Powell, calling him a “stupid person.”
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