Updated at 5:30 p.m. ET
The economy is growing at a “solid rate” and inflation is hovering near the Federal Reserve’s target, the central bank said Wednesday. As expected, the Fed did not raise its key interest rate. But in a reversal from December, the Fed said it will be “patient” as it decides when to change them again.
The announcement came at the end of a scheduled two-day meeting, the first of the new year. The Fed’s closely watched decisions can affect interest rates on everything from credit cards to mortgages, as well as the rates banks pay savers.
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