03:10 PM EST, 01/29/2025 (MT Newswires) -- The Federal Open Market Committee maintained the range of its policy rate at 4.25% to 4.50% at Wednesday's meeting, as widely expected. The FOMC made small changes to its statement that showed inflation remains elevated while removing an acknowledgement of progress. At the same time it said that labor market conditions are solid rather than easing and that the unemployment rate has stabilized at a low rate.

Fed Chairman Jerome Powell (voter) said the FOMC does need to hurry to lower rates given strength in the labor market and the heightened rate of inflation. Powell did not comment on US President Donald Trump's demand for lower interest rates.