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The Federal Reserve maintained the reference interest rate in a range of 5.25%-5.50% on Wednesday, the highest level in the last 22 years, while leaving the door open for further actions, while officials work to bring inflation to the target of 2%.

The Fed official reiterated that future interest rates increases will depend on how to filter the aggressive campaign to tighten credit in the US economy and the gap effects.

Jerome Powell stressed that recent strong economic data, which also include the fastest GDP growth rate in almost two years, “does not indicate a short-term recession”. According to the CME FedWatch instrument, investors assessed an 80% chance that the Fed would maintain constant rates until its January meeting.