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US Federal Reserve keeps rates unchanged Federal Reserve upbeat on US economy
(35 minutes later)
The Federal Reserve has left interest rates unchanged in its first meeting since President Trump took office. The US central bank has remained positive as it kept interest rates unchanged in its first meeting since President Donald Trump took office.
The US central bank kept its benchmark rate in a range of 0.5% to 0.75%, and said the outlook for the US economy remained positive. The Federal Reserve ruled unanimously to keep its benchmark rate in a range of 0.5% to 0.75%, and said the outlook for the US economy remained positive.
"Measures of consumer and business sentiment have improved of late," the Fed said in a unanimous statement. The jobs market and economic activity have continued to strengthen, it said.
The central bank raised its benchmark interest rate by 0.25% in December, only the second increase in a decade. "Measures of consumer and business sentiment have improved of late," the central bank said in a statement.
The Fed raised its benchmark interest rate by 0.25% in December, only the second increase in a decade.
President Trump has promised to boost growth through tax cuts, spending and deregulation, raising the prospect of higher inflation.
'Two rate hikes'
Despite being upbeat, the central bank signalled the Federal Open Markets Committee (FOMC), the body which sets rates, would still only make "gradual increases" in the key rate.
"This is only the first FOMC meeting of eight in 2017 so there are still plenty of opportunities for the Fed to raise interest rates throughout the year and it is likely that we will see a rate rise in March or June," said Kully Samra, UK managing director of Charles Schwab.
"In our view, two rate hikes this year would be sufficient to stave off inflation concerns and would not negatively impact economic growth."