As expected, The Federal Reserve held interest rates the same, adding that while there are signs the brutal Biden-flation is slowing, they are not yet ready to cut interest rates.
The interest rates remain unchanged, still at 5.5%. The committee said it would not change "until it has gained greater confidence that inflation is moving sustainably toward 2 percent," a line the group has repeated previously.
The U.S. unemployment rate is not good at 4.1%, it's highest level since February 2018, and the hiring rate in the economy has slowed to it's lowest level since 2014. The economy is not getting better.
Stocks rallied ahead of the decision, with the Dow Jones Industrial Average of big U.S. companies up more than 200 points in morning trading.
The Fed has maintained rates at their current level since last August in response to elevated inflation, but there is speculation that we could see a rate cut in September.
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