The Fed announced its July interest-rate decision.
WASHINGTON – Federal Reserve officials on Wednesday held short-term interest rates steady but indicated that inflation is getting closer to target, which could open the door for future interest rate cuts.
"Inflation has eased over the past year but remains somewhat elevated," the statement continued. "In recent months, there has been some further progress toward the Committee's 2 percent inflation objective." One change noted that committee members are "attentive" to the risks on both sides of its mandate for full employment and low inflation, dropping the word "highly" from the June statement.
That phrase has underscored the Fed's data dependence. Officials insist they are not on a predetermined course for rates and won't be guided by forecasts. Though the Fed has held to its tightest monetary policy in decades, the economy has continued to expand.
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