FOMC keeps interest rate unchanged in July

The US Federal Reserve (Fed) announced on Wednesday that it left the policy rate, the federal funds rate, unchanged at the range of 5.25%-5.5% following the July policy meeting. This decision came in line with the market expectation.

Federal Reserve officials were widely expected to leave their key interest rate unchanged on Wednesday, keeping it at the two-decade high of 5.3 percent for a 12th straight month in a bid to slow economic growth and crush inflation.