WASHINGTON — The Federal Reserve kept its benchmark interest rate unchanged Wednesday but noted that inflation is nearing its 2 percent target rate after years of remaining undesirably low. "Inflation on a 12-month basis is expected to run near the committee's symmetric 2 percent objective over the medium term," the Fed said. Analysts said the Fed's statement Wednesday made it even clearer that it intends to resume raising rates at its next meeting in mid-June. The Fed's statement noted that the U.S. job market has continued to strengthen along with a steady economy, now into its ninth year of expansion since the Great Recession ended. The president also nominated Michelle Bowman, the Kansas state bank commissioner, for a Fed board slot that is normally reserved for a community banker.

Source: Philippine Star May 02, 2018 20:48 UTC