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PLANO, Texas — The Federal Reserve kept their benchmark overnight target rate at 5.25%.

This is the tenth month and sixth consecutive meeting the FOMC has retained its key rate at 5.25%. Many debate whether inflation will slow enough to allow a cut in rates this year. The Fed’s preferred price gauge, the personal consumption expenditures price index, has been at or above the top of the 1% to 2% comfort range of at least a half dozen policy makers for almost three years. The index rose 2.1% in the 12 months to March, down from 2.4% in February. Any rate cut at this time would promote the idea that the Fed has a new level of acceptable inflationary risk.

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