2024-07-31 15:50:00 ET
The US Federal Reserve announced on Wednesday (July 31) that it will continue to hold its benchmark interest rate steady at 5.25 to 5.5 percent following the two-day Federal Open Market Committee (FOMC) meeting.
The central bank has now maintained its policy for one year following its last rate increase in July 2023.
The meeting comes just days after the Bureau of Labor statistics released the personal consumption expenditures (PCE) index, which showed inflation continued to cool in June. The data showed a year-over-year increase of 2.5 percent in June, down from the 2.6 percent reported in May.
The index is a favored measure of the Fed as it continues to work to bring inflation back down to its target rate of 2 percent.
For further details see:
Gold and Silver Prices Gain as Fed Holds Rates