STORY: U.S. Fed leaves rates unchanged amid inflation progress
SHOOTING TIME: Jan. 31, 2024
DATELINE: Feb. 1, 2024
LENGTH: 00:00:54
LOCATION: Washington, D.C.
CATEGORY: ECONOMY

SHOTLIST:
1. various of the press conference
2. SOUNDBITE (English): JEROME POWELL, U.S. Federal Reserve Chair

STORYLINE:

The U.S. Federal Reserve on Wednesday left interest rates unchanged at a 22-year high of 5.25 percent to 5.5 percent as inflation continued to cool, while avoiding the signal of an imminent rate cut going forward.

This latest policy meeting, the first in 2024, marked the fourth straight meeting for the central bank to hold policy rate steady.

At a press conference Wednesday afternoon, Fed Chair Jerome Powell said that inflation eased from its highs without a significant increase in unemployment, which was "very good news," while noting that inflation remained above the Fed's longer-run goal of 2 percent.

SOUNDBITE (English): JEROME POWELL, U.S. Federal Reserve Chair
"Today, the FOMC decided to leave our policy interest rate unchanged, and to continue to reduce our securities holdings. Over the past two years, we have significantly tightened the stance of monetary policy. Our strong actions have moved our policy rate well into restrictive territory, and we've been seeing the effects on economic activity and inflation. As labor market tightness has eased and progress on inflation has continued, the risks to achieving our employment and inflation goals are moving into better balance. In considering any adjustments to the target range for the federal funds rate, the Committee will carefully assess the incoming data, the evolving outlook and the balance of risks. The committee does not expect that it will be appropriate to reduce the target range until it has gained greater confidence that inflation is moving sustainably toward 2%."

Xinhua News Agency correspondents reporting from Washington, D.C.
(XHTV)