Fed stays put on rates, sending strong message that inflation remains a clear and present danger
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GLOBAL markets sometimes resemble a vast horse-track where everything the bookmakers and punters do revolves around the big race once every six weeks – the Federal Reserve meeting.
US stocks tumbled on Wednesday (Jan 31) after the Fed took a March interest rate cut off the table, with Fed chairman Jerome Powell gently chiding the speculators who had banked on cuts during a violent four-month rally.
The US central bank left rates unchanged in a range of between 5.25 and 5.5 per cent, as widely anticipated. In its statement, the Fed also removed any references to the possibility of rate increases.
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