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Central bank policymakers provided little guidance on the timing of a rate hike. They said slow growth in the first quarter it is likely transitory and that inflation is close to a goal of 2 percent.
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The vote to nudge benchmark interest rates higher was unanimous, the central bank says. The rate moves from the current 0.25-0.50 percent to a range of 0.50 and 0.75 percent.
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Fed Chair Janet Yellen says that although job growth is rebounding, she sees no inflation threat and no hurry to raise rates. The Fed is not likely to do so before the presidential election.
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The Federal Reserve left interest rates unchanged at very low levels. Fed policymakers expressed worries about job growth, so they did not want higher rates to further cool hiring.
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As Fed Chair Janet Yellen tries to chart a course forward for the economy, there are some warning lights blinking on her radar. Wages are rising but there are worries that job growth may have stalled.
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Fed policymakers are seeing more risks that could derail the U.S. economy. For example, China's growth is slow and our energy sector is weak. So the Fed chose Wednesday to keep interest rates low.
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Home prices in the Seattle metro area in May showed their biggest monthly gain in more than 20 years, as a tight supply of homes and low interest rates…