US Fed holds fire on rate hike
Members of the Federal Open Market Committee voted to keep rates on hold in a 9-1 vote.
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The US Federal Reserve has kept interest rates on hold, citing weak global economy, low inflation and an unstable stock market as key reasons for holding fire.
In its policy statement, the Fed said, "recent global economic and financial developments may restrain economic activity somewhat."
The Fed said it was “monitoring developments abroad,” with Federal Reserve chairwoman Janet Yellen citing the slowdown in China and other emerging markets in a news conference explaining the decision.
"We've long expected to see some slowing in Chinese growth over time as they rebalance their economy. There are no surprises there. The question is whether or not there will be a risk of a more abrupt slowdown than most analysts expect," Ms Yellen said.
Interest rates have remained at a rock-bottom 0-0.25% level since the global financial crisis in 2008.
Members of the Federal Open Market Committee voted to keep rates on hold in a 9-1 vote.
Jason Walls
Fri, 18 Sep 2015
Fri, 18 Sep 2015
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US Fed holds fire on rate hike
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