NEW YORK, July 29 (Xinhua) -- The U.S. Federal Reserve on Wednesday kept the target range for the federal funds rate unchanged at 3.5 to 3.75 percent, as widely expected by the market.
The move marks the Fed's fifth monetary policy meeting in a row with a wait-and-see stance, while expectations for an interest rate hike build up for the coming months.
Nevertheless, three members of the Federal Open Market Committee voted against the decision and preferred to raise the target range for the federal funds rate by 25 basis points.
The year-on-year growth rate of the U.S. headline consumer price index dropped to 3.5 percent in June from 4.2 percent in May as oil prices plunged in the period.
The United States continues to face elevated inflationary pressures in comparison with the Fed's 2 percent inflation target. ■