Fed holds fire on interest rates despite intensifying inflation
Central bank to vote on monetary policy seven times next year in shift from decades-old custom of having eight such meetings
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Interest rate
The price of borrowing money, expressed as a percentage of the amount borrowed. A central bank sets a benchmark rate that other rates follow.
It decides how much people pay on loans and mortgages and how much savers earn, and it is the main tool for fighting inflation.
More about Interest rateInflation
The rate at which the general level of prices for goods and services rises over time, usually measured over twelve months.
When prices rise faster than wages, households can buy less with the same income, and central banks may raise interest rates in response.
More about InflationCentral bank
The public institution that manages a country's currency, money supply and benchmark interest rate, such as the Federal Reserve or the Reserve Bank of India.
Its decisions on rates and money supply move loan costs, currencies and markets for everyone in the economy.
More about Central bank
