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Bank interest rates remained unchanged

The Federal Open Market Council statement said the committee “does not expect it to be an appropriate time to cut bank interest rates until they gain more confidence that inflation will continue to move towards 2%.

At a news conference on Wednesday, Federal Reserve Chairman Jerome Powell noted that recent inflation readings took a bearish direction. But he added that the committee still needs “better and more data to have confidence that inflation will take a downward turn.

Dr. Kamaran Qader Yaqub,
Financial Consultant at Investment Spot company. 

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