Arab Finance: The US Federal Reserve kept interest rates unchanged at its current 22-year high, according to a Federal Open Market Committee (FOMC) statement.

The Committee maintained the target range for the federal funds rate at 5.25% to 5.5%, which would allow it to assess further information and its implications for monetary policy.

It also expressed its commitment to return inflation to its 2% objective.

“Tighter financial and credit conditions for households and businesses are likely to weigh on economic activity, hiring, and inflation. The extent of these effects remains uncertain,” the statement read.

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