Fed holds rates steady, expects portfolio cuts "relatively soon"

US central bank kept its benchmark lending rate in target range of 1-1.25%

The Federal Reserve kept interest rates unchanged on Wednesday and said it expected to start winding down its massive holdings of bonds “relatively soon” in a sign of confidence in the US economy.

The US central bank kept its benchmark lending rate in a target range of 1 per cent to 1.25 per cent and said it was continuing the slow path of monetary tightening that has lifted rates by a percentage point since 2015. In a statement following a two-day policy meeting, the Fed’s rate-setting committee indicated the economy was growing moderately and job gains had been solid. But