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SHV - Fed Holds Steady; Patient Approach To Continue
iShares Short Treasury Bond ETF
By Collin Martin
As expected, the Federal Open Market Committee (FOMC) - the Federal Reserve's policymaking arm - on Wednesday maintained the 2.25-2.5% target range for the Federal Funds rate.1 The decision was unanimous. While the main policy rate was left unchanged, the committee lowered the rate of interest paid on excess reserves.
The FOMC statement highlighted strengths of the economy, as well as some challenges it's facing. However, in his press conference, Fed Chair Jerome Powell struck a modestly more upbeat tone. Once again, the statement reiterated that the committee will be patient