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Federal Reserve officials scaled back their projected interest-rate increases this year to zero and said they would end the drawdown of the central bank's bond holdings in September after holding policy steady on Wednesday.
The median rate projection of Fed officials compared with two hikes in the December forecasts, which spooked investors at the time. In its statement following a two-day meeting in Washington, the Federal Open Market Committee repeated January language that it will be “patient” amid “global economic and financial developments and muted inflation pressures.”
The Fed's signal that it will keep interest rates on hold for the
