SINGAPORE (Dec 13): The US Federal Reserve has signalled that it will keep rates unchanged, which indicates borrowing costs in the country will remain at status quo even as it heads into next year’s presidential election with moderate economic growth and low unemployment. The move comes after the central bank’s previous rate cuts for this year, meant to protect the US from ongoing trade tensions and a global economic slowdown.

“[The US’] economic outlook remains a favourable one despite global developments and ongoing risks,” Fed chairman Jerome Powell pointed out at a press conference in Washington, DC following the Fed’s open market committee meeting on Dec 11. In the first unanimous vote since May by the 17-member committee, the benchmark lending rate was left unchanged at its current target range of between 1.5% and 1.75%.

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