(From The Washington Examiner)
Federal Reserve officials decided not to raise interest rates Wednesday, but still face a major debate in the months ahead over whether to tighten monetary policy more quickly in response to signs that inflation is finally picking up.
The central bank’s monetary policy committee announced after a two-day meeting in Washington that it would keep its target for short-term interest rates at between 1.5 percent and 1.75 percent, where it was set in March.
In their statement, the members acknowledged that inflation has “moved close” to their target of 2 percent annually.
The Fed isn’t likely to hold off on further rate hikes for long. It’s facing what it sees as an economy that is at full employment and is about to become even hotter by the tax cuts and government spending increases signed into law by President Trump.