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1st LD: U.S. Federal Reserve leaves key interest rate unchanged

Xinhua, September 18, 2015 Adjust font size:

The Federal Reserve on Thursday kept its benchmark interest rate unchanged, according to a statement released by the U.S. central bank after a two-day monetary policy meeting.

It will assess both realized and expected progress toward its objective of maximum employment and 2 percent inflation in its consideration of when to raise the benchmark interest rate, the statement said.

The economic activity is expanding at moderate rate with labor market approaching maximum employment but inflation staying muted, it added.

Fed officials expected the recent global financial market volatility and slower global growth will further put downward pressure on inflation level, while the U.S. economic outlook remains stable.

According to economic projections released on Thursday, the Fed officials upgraded their forecast for this year's economic growth to 2.1 percent from their June's forecast of 1.9 percent. The forecast for longer run unemployment rate, a level where the Fed officials considered as full employment, is lowered to 4.9 percent from their June forecast of 5 percent. Endit