WASHINGTON — The Federal Reserve has chosen to keep a key interest rate at its current level of 2.25 to 2.5 percent.
"Consistent with its statutory mandate, the (Federal Open Market) Committee seeks to foster maximum employment and price stability," the Federal Reserve's FOMC said Jan. 30 regarding its decision not to make any immediate changes in the federal funds rate, the rate at which banks lend to other banks.
Since the FOMC last met in December, the economy has grown at a solid rate and the labor market continues to strengthen, the committee said in a press release.
"In light of global economic and financial developments and muted inflation pressures, the Committee will be patient as it determines what future adjustments to the target range for the federal funds rate may be appropriate to support these outcomes," it said.