WASHINGTON-The Federal Open Market Committee last week made a decision to hold the federal funds target rate steady at 1%. "The Committee continues to believe that an accommodative stance of monetary policy, coupled with robust underlying growth in productivity, is providing important ongoing support to economic activity. The evidence accumulated over the intermeeting period confirms that output is expanding briskly," the FOMC said in a statement following the meeting. It also noted that hiring remains slow but other things suggest improvement in the labor market. There is a diminishing likelihood of falling inflation, which appears to be on the upswing, The FOMC noted. "With inflation quite low and resource use slack, the Committee believes that it can be patient in removing its policy accommodation," the statement read.

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