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US Federal Reserve keeps rate in 3.5-3.75% range

According to the authority, economic activity is expanding at a solid pace despite heightened uncertainty, partly driven by the conflict in the Middle East

© Steve Heap/ Shutterstock/ FOTODOM

NEW YORK, July 29. /TASS/. The US Federal Reserve System, which serves as the country's central bank, maintained its base rate at 3.5-3.75% following its meeting, according to a statement on the regulator’s website.

The next meeting of the US regulator on the rate will take place on September 15-16.

According to the Federal Reserve, economic activity is expanding at a solid pace despite heightened uncertainty, partly driven by the conflict in the Middle East. Labor productivity and capital investment are growing rapidly. Job growth is keeping pace with the expansion of the labor force, while the unemployment rate has remained virtually unchanged.

Inflation remains high relative to the 2% target, partly reflecting supply-side shocks that have driven up prices in certain sectors, including energy. Currently, consumer inflation in the US stands at 3.5%.

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