US Fed backs off rate rise due to global growth fears
"Global economic and financial developments continue to pose risks”
Federal Reserve officials held off from raising borrowing costs and scaled back forecasts for how high
interest rates will rise this year, citing the potential impact from weaker global growth and financial-market turmoil on the US economy.
The Federal Open Market Committee kept the target range for the benchmark federal funds rate at 0.25 per cent to 0.5 per cent, the central bank said in a statement following a two-day meeting in Washington. The median...
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