US Fed keeps interest rates unchanged

US Federal Reserve Bank announced on Wednesday that the interest rate would remain unchanged at a range between 5.25% and 5.50%, which is the highest in 22 years.

In the Fed’s statement, there was no mention of the imminent end of the current monetary tightening cycle that it began to control inflationary pressures

The Federal Reserve had raised interest rates 11 times in a year and a half, pushing interest rates to the highest range in more than 22 years.

The Federal Reserve expects interest rates to reach levels of 3.9% by the end of 2025, compared to previous estimates of 3.4%. The Federal Reserve expects interest rates to reach levels of 2.9% by the end of 2026.

The Federal Reserve revised its expectations for the unemployment rate in America for 2023 to 3.8% from levels of 4.1% in June, and expected the US economy to grow by 2.1% in 2023.