United States Federal Reserve keeps pledge for low interest rates

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The US Federal Reserve has renewed a pledge to keep borrowing costs low for a “considerable time.”

There had been speculation the Fed would raise interest rates given the latest strong US economic data. This expectation had pushed up the value of the US dollar and rattled stock markets worldwide.

US stocks went up as soon as it was announced interest rates would stay near zero.

Officials have predicted higher interest rates by the end of next year.

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