U.S. Fed Maintains Interest Rates Unchanged

The United States Federal Reserve’s Federal Open Market Committee (FOMC) has decided on Wednesday to maintain interest rates unchanged at a record low between 0% and 0.25%.

The decision comes following a two-day meeting that concluded today.

The Fed has reiterated its commitment to using its full range of tools to support the American economy overcome the hardships resulting from the Coronavirus pandemic.

In addition, the Fed vowed to maintain the current pace of asset purchases at $120 billion a month.

Following the decision, the U.S. Dollar (USD) rose against major currencies, with the Dollar Index (DXY) rising by 0.37% at 90.50.