Fed Keeps Rates Unchanged Amid Steady Economic Growth

The US Federal Reserve has made its decision on interest rates, keeping them unchanged at 3.5-3.75% per annum.

The Federal Open Market Committee (FOMC) announced this decision after a meeting on July 29th, with nine out of twelve members voting in favor of leaving the rate as it is.

The presidents of the Federal Reserve Banks of Cleveland, Minneapolis, and Dallas dissented from the majority vote, arguing for a quarter-point increase in the interest rate.

The FOMC noted that economic activity remains steady despite heightened uncertainty caused by the Middle East conflict. Productivity growth and capital investment are still at high levels, while job creation keeps pace with labor force growth, and unemployment rates have remained stable.