Fed spat over timeline for low rates


The Federal Open Market Committee (FOMC) decided on Tuesday to keep the target range for the federal funds rate at 0%–0.25%.

Information received from the committee since its June meeting indicated that economic growth so far this year had been considerably slower than expected.

In order to "promote the ongoing economic recovery and to help ensure that inflation, over time, is at levels consistent with its mandate", the committee announced its decision to maintain the exceptionally low levels

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