Fed leaves interest rates unchanged, as expected

Howard Schneider and Lindsay DunsmuirWashington — The US Federal Reserve on Wednesday held interest rates steady and signalled borrowing costs are likely to remain unchanged indefinitely, with moderate economic growth and low unemployment expected to continue through next year’s presidential election.left the benchmark overnight lending rate in its current target range between 1.50% and 1.75%.

.. stocks rallied modestly after the decision, which had been widely expected by investors. The benchmark S&P 500 was up 0.2% on the day; at the time of announcement it was near the unchanged mark. In the midst of an ongoing US-China trade war, Fed policymakers said they would continue monitoring “global developments” in deciding whether interest rates need to change.

“It’s ‘steady as she goes’ from the Fed today – the statement provided little groundbreaking news on the path of monetary policy,” Jason Pride, chief investment officer of private wealth at Glenmede Trust, said in a statement.

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