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Fed on track for a September hike and gradual removal of accommodation

EURUSD News by Newsroom on 16:57 August 01, 2018 EST

The Federal Reserve on Wednesday held off on raising its key interest rate as widely anticipated.

In a statement after its two-day policy meeting, the Fed said "the labor market has continued to strengthen and that economic activity has been rising at a strong rate."

The central bank also highlighted the low unemployment rate, and noted that household spending and businesses investment have grown strongly. The comments came in a statement that followed its two-day policy meeting. The Fed is expected to raise interest rates at its next meeting in September for the third time this year while most Federal Reserve officials now expect at least two more interest rate increases this year — there have already been two — up from a previous projection of three rate increases for the year.

Stocks and the dollar a dash lower after the release.