The Federal Open Market Committee decided at the end of its meeting on Wednesday to keep the upper limit of the federal funds rate at 4.50%

After three consecutive cuts in previous meetings, the Federal Open Market Committee decided at the end of its meeting on Wednesday to keep the upper limit of the federal funds rate at 4.50%. During the press conference held by the US Federal Reserve Chairman Jerome Powell today, the most important statements of Powell were as follows:

- The US economy remains strong and the Federal Reserve is committed to providing maximum benefits to the American citizen.

- The labor market remains strong despite high interest rates.

- The labor market does not represent a risk factor for inflation.

- Recent data shows that the US Federal Reserve is in no hurry.

- The Fed can keep interest rates high for a longer period if inflation remains above target for a longer period.

- The committee discussed this meeting the implications of the recent interest rate cuts.

- Inflation is very close to our long-term goal, although it is still somewhat high.

- 2024 GDP looks set to rise above 2%.

- Equipment investment appears to have slowed late in the year but has been robust in 2024.

- Total personal consumption spending rose 2.6% in the 12 months through December, and core was up 2.8%.

- Risks to our targets are roughly balanced.

- The Fed’s monetary policy framework review is due to conclude by late summer.