ASX to rise; US Federal Reserve keeps interest rates unchanged

The US Federal Reserve has left interest rates unchanged with Jerome Powell saying a rate rise is unlikely in the near term. But it will probably take longer than previously expected for the Federal Reserve to gain enough confidence about the inflation trajectory to start cutting interest rates, he said.

“We’ve stated that we do not expect that it will be appropriate to reduce the target range for the federal funds rate until we have gained greater confidence that inflation is moving sustainably toward 2 per cent,” Powell said during a press conference after the central bank elected to leave its benchmark interest rate unchanged and signalled fresh concerns about inflation. “It is likely that gaining such greater confidence will take longer than previously expected,” Powell said.

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