Fed leaves rates alone but moves closer to selling off bonds

After raising interest rates twice this year, the Federal Reserve decided after its latest policy meeting to leave its key rate unchanged in a range of 1 percent to 1.25 percent. This comes at a time when inflation remains persistently low and the job market keeps strengthening, with the unemployment rate just 4.4 percent, according to Associated Press reporting.

Meanwhile, the central bank signaled it's edging closer to gradually shrinking its bond holdings, a step that would likely boost long-term borrowing rates including mortgages.

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