Fed keeps benchmark rate steady

The Federal Reserve held its key interest rate steady during its meeting on Wednesday.

The federal funds target rate remains at its range of 4.25% to 4.5%.

"Although swings in net exports have affected the data, recent indicators suggest that economic activity has continued to expand at a solid pace. The unemployment rate remains low, and labor market conditions remain solid. Inflation remains somewhat elevated," the Fed said in a statement.

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