Fed holds rates but signals rise this year

In a statement following the Federal Open Market Committee's (FOMC) two-day meeting, it said three members - Esther George, Loretta Mester, and Eric Rosengren - voted in favour of raising the target range for the federal funds rate to 0.5%-0.75%, while seven voted to leave rates unchanged. However, Fed officials said they remain committed to their path of a gradual rise in interest rates, although they predicted a shallower path than at their June meeting. The FOMC's summary of economic projections released alongside the post-meeting statement said the committee still anticipates one ...