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Fed Holds Key Rate Steady, Will Reduce Holdings ‘Relatively Soon’

Leaders of the U.S. central bank said Wednesday that they were holding their benchmark lending rate at a low level — in a range between 1 and 1.25 percent — for the time being.

Federal Reserve officials said in a report issued after their two-day policy meeting that the world’s largest economy was growing at a “moderate” pace and the job market was improving, but that inflation remained a bit low.

Fed officials cut short-term interest rates to nearly zero during the 2007-09 financial crisis to boost investment and growth. They said the recovering economy no longer needed so much …read more

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