The US Federal Reserve System (FRS) has kept the interest rate at 5.25-5.5% per annum, as reported in the final statement of the Federal Open Market Committee (FOMC). This decision coincided with the forecasts of most analysts and economists. At the moment, the rate is at its highest level in the last 23 years. According to the median forecast of the Fed's leaders, the rate will be reduced by only 25 basis points (bp) in 2024 and by 100 bp in 2025. The regulator's press-release says: «Recent data indicate that economic activity continues to grow at a steady pace. Job growth remains significant and the unemployment rate remains low. Inflation has weakened over the past year, but remains elevated.» According to data from the US Department of Labor published on Wednesday, the growth rate of consumer prices (CPI) in May slowed to 3.3% from 3.4% in April. Inflation excluding the cost of food and energy (Core CPI index) fell to 3.4% from 3.6%. The FOMC continues to strive to achieve maximum employment and inflation at 2% in the long term. The Committee believes that the risks to achieving these goals have become more balanced over the past year. The economic outlook remains uncertain, and the FOMC remains very attentive to inflation risks. The Fed also intends to continue reducing the amount of assets (government bonds and mortgage-backed securities) on its balance sheet.
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