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The US Federal Reserve left interest rates on hold when it met overnight, defying market expectations that Wall Street turmoil would prompt a quarter per cent cut.
While the central bank noted that “strains in financial markets” had increased “significantly” it was confident “the substantial easing of monetary policy, combined with ongoing measures to foster market liquidity, should help to promote moderate economic growth” over time.
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The US cash rate now remains at two per cent, where it has held steady since April this year.
Published: 17-08-09
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