The US Federal Reserve’s decision to forgo a rate hike had been widely expected owing to the proximity of next week’s US presidential election. Photo: ReutersWashington: US Federal Reserve policymakers on Wednesday left interest rates unchanged while saying the argument for higher borrowing costs strengthened further amid accelerating inflation, reinforcing expectations for a rate hike next month. US Fed officials revealed growing confidence that inflation is on track to reach their 2% target. The third, Boston Fed president Eric Rosengren, opted to support Wednesday’s decision to hold rates steady. The Fed’s only rate increase since the financial crisis of 2008-09 came last December when officials lifted the target range by 0.25 percentage point.

Source: Mint November 02, 2016 20:00 UTC