Fed keeps key rate unchanged while signaling future hikes

The Federal Reserve left its benchmark interest rate unchanged.

In addition, it signaled further gradual rate hikes. The Fed’s widely expected decision kept the central bank’s key short-term rate at 1.75 percent to 2 percent.

The Fed projected in June four rate hikes this year, up from three in 2017. Private economists expect the next hike to occur at the September meeting with a fourth rate hike expected in December.

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