Fed holds fire amid European chaos


The Federal Open Market Committee (FOMC) on Wednesday held the federal funds rate at 0–0.25% and maintained existing policies regarding Operation Twist.

In a brief statement, the FOMC reported a moderate improvement in the US economy, but warned that "strains in global financial markets continue to pose significant downside risks to the economic outlook".

The committee, while predicting that inflation will settle in the coming months at levels "at or below those consistent with the Committee's

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