Doha: The Federal Reserve (the U.S. central bank) has decided to keep interest rates unchanged at a range of 4.25 to 4.5 percent for the third consecutive time. The Federal Open Market Committee (FOMC) said in a statement Wednesday following a two-day meeting that the vote to maintain interest rates was unanimous, noting that inflation remains moderately high and that concerns about rising unemployment remain.
According to Qatar News Agency, the U.S. Federal Reserve cut interest rates three times last year, by a total of 1 percent. The U.S. central bank’s meeting came after data last week showed inflation slowing more than expected in March to 2.4 percent, while economic data showed the U.S. economy contracted by 0.3 percent in the first quarter of this year.
The U.S. economy added 177,000 jobs last month, compared to expectations of 133,000, and compared to a downwardly revised 185,000 in March.