As expected, the Federal Reserve left its benchmark interest rate unchanged. Inflation has dropped from a year-over-year peak of nine percent in June of last year to 3.7 percent last month. Fed Chair Jerome Powell said that trend has allowed the Central Bank to proceed carefully. “We need to get to a place where we’re confident that we have a stance that will bring inflation down to two percent over time,” said Powell. “As we’ve gotten closer to it, we’ve slowed the pace at which we’ve moved. I think that was appropriate and now that we’re getting closer, we again have the ability to proceed carefully.” Powell suggested there will be one more interest increase before the end of the year.
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