Business
17:58, 27-Jul-2017
Federal Reserve holds rates steady as expected
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The US Federal Reserve kept interest rates unchanged on Wednesday with benchmark lending rate held in a target range of 1.00 percent to 1.25 percent as widely expected.
The Fed was expected to start winding down its massive holdings of bonds "relatively soon" in a sign of confidence in the US economy.
It also said in a statement that it was on track to continue its slow path of monetary tightening since 2015.
The statement cemented expectations that the Fed will announce the start of its balance sheet reduction plan at its next policy meeting in September.
US stock prices rose following the release of the Fed's statement while yields on government debt fell.
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