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Steady Fed sees risks to growth but keeps focus on inflation

The Fed acknowledged that risks to growth have increased in its statement following the meeting behind closed doors. Read full FOMC statement

The central bank chose to hold its target for the key federal funds interest rate at 5.25% for the ninth straight meeting. The Fed repeated that the risk that inflation will fail to moderate is the "predominant policy concern."

The vote was unanimous.

The Fed said that it still expects moderate growth in coming months despite volatile financial markets, tighter credit conditions and the ongoing correction in the housing market.