The Federal Reserve (Fed) kept interest rates on hold overnight at a rate of two per cent.
While economic activity expanded during the second quarter, the Fed’s Committee said tight credit market conditions, the ongoing housing contraction and elevated energy prices were likely to weigh on economic growth over the next few quarters.
The Committee also noted that the outlook for inflation remained highly uncertain while financial markets remained under considerable stress.
The Federal Reserve last cut rates by 25 basis points in April this year.
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