WASHINGTON, USA - JULY 16: Federal Reserve Chair Janet Yellen testifies before the Senate Banking, Housing, and Urban Affairs Committee during a hearing on The Semiannual Monetary Policy Report to the Congress. in Washington, USA on JULY 16, 2015. (Photo by Samuel Corum/Anadolu Agency/Getty Images)
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The Federal Reserve announced on Thursday that it is keeping its benchmark interest rate at or near zero, allowing job growth to continue unhindered.
The Fed’s federal funds rate -- the interest rate the Fed charges for banks to lend to one another overnight -- will remain at target rate of 0.0-0.25 percent, where it has been since December 2008 at the height of the financial crisis. The Federal Open Market Committee (FOMC), the central bank body charged with adjusting key rates, will have its next chance to adjust the influential interest rate when it meets again on Oct. 27 and 28.
