As predicted, the Federal Reserve refrained from any new policy measures this week. In doing so, it avoided being subjected to uncomfortable political scrutiny just six days before the U.S. presidential election. Yet through words and its members' vote, the central bank took a step in validating the high market (around 70 percent) expectations for a rate hike in December.
The Fed acknowledged that the economic case has strengthened further for what would be the first rate hike since December of last year and only the second in the last 10 years.
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