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(recast) 1st LD: U.S. Fed keeps interest rates unchanged

Xinhua, July 28, 2016 Adjust font size:

WASHINGTON, July 27 (Xinhua) - U.S. Federal Reserve on Wednesday kept federal funds rate unchanged, reiterating that it continues to closely monitor inflation indicators and global economic and financial developments.

"Near-term risks to the economic outlook have diminished," said the Fed in a statement after concluding two-day monetary policy meeting. This new expression might indicate that conditions are getting more favorable for further interest rate hikes in the future.

Fed officials gave more upbeat description of the economy. There was some increase in labor utilization in recent months, pointing to a healthy labor market despite the slowdown in April and May. Household spending have grown "strongly."

The improved economic indicators eased Fed officials concerns over the economy's near-term risks. Endit