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

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

Reuters  |  Washington 

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 ...

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First Published: Thu, July 27 2017. 00:54 IST