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Fed holds rates, drops patient pledge

The Federal Open Market Committee decided Tuesday to keep its target for the federal funds rate at 1 percent. In its statement it dropped the "can be patient" phrase used previously, saying interest rates can rise "at a pace that is likely to be measured".

The Committee continues to believe that an accommodative stance of monetary policy, coupled with robust underlying growth in productivity, is providing important ongoing support to economic activity. The evidence accumulated over the

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