Thu. Jul 18th, 2024

The Open Market Committee of the U.S. Federal Reserve has announced that it does not intend to reduce interest rates, citing inflation rates surpassing the targeted level.

This revelation comes from the committee’s meeting held from October 31 to November 1.

According to the document, “In discussing the policy outlook, committee members reaffirmed their commitment to maintaining the contractionary monetary policy to achieve the committee’s 2% inflation target over time.”

The committee members decided to “proceed cautiously” based on the overall information and its implications for economic prospects and risk balance.

Currently, the Federal Reserve’s benchmark interest rate ranges between 5.25% and 5.5%, marking the highest level in the past 22 years.

Data from the U.S. Department of Labor in October showed a 3.2% year-on-year increase in consumer prices in the country.