Fed says risks have diminished as it leaves rates unchanged
Washington
THE Federal Reserve has left interest rates unchanged while saying risks to the US economy have subsided and the labour market is getting tighter, suggesting conditions are getting more favourable for an increase in borrowing costs.
"Near-term risks to the economic outlook have diminished," the Federal Open Market Committee (FOMC) said in its statement on Wednesday after a two-day meeting in Washington, before repeating language from June that the panel "continues to closely monitor" inflation and global developments. Job gains were "strong" in June and indicators "point to some increase in labour utilisation in recent months", the Fed said.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
South Korea to slap fines on food suppliers for ‘shrinkflation’
Stormy Daniels’ ex-lawyer in the hot seat at Trump trial
New Zealand says ‘seriously concerned’ by China’s increased security actions in Pacific
EU, ISSB agree on minimising overlaps in company climate disclosures
US law firm Mayer Brown to split from Hong Kong partnership
US labour costs rise by most in a year as productivity cools