WASHINGTON — Despite the increasing pressures of the downward spiral of the housing market, the Federal Open Market Committee decided at its Aug. 7 meeting to maintain the federal funds target rate at 5.25%.
"Financial markets have been volatile in recent weeks, credit conditions have become tighter for some households and businesses, and the housing correction is ongoing," the FOMC statement read. "Nevertheless, the economy seems likely to continue to expand at a moderate pace over coming quarters, supported by solid growth in employment and incomes and a robust global economy."
Additionally, the committee stated that economic growth was moderate over the first half of the year and, while "readings on core inflation have improved modestly in recent months…a sustained moderation in inflation pressures has yet to be convincingly demonstrated."
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