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The Federal Reserve Wednesday kept the interest rates unchanged at 5 to 5-1/4 percent and decided to continue reducing its holdings of securities.
The Federal Open Market Committee (FOMC) observed at its June meeting that the U.S. economy was growing modestly, with strong job gains amid high inflation.
The Federal Reserve said in a press release that the country’s banking system is sound and resilient.
The Committee is committed to returning inflation to 2 percent over time and will monitor incoming information for the economic outlook. The Committee will adjust monetary policy as needed to achieve its goals of maximum employment and price stability, it said.