Fed votes unanimously to keep ultra-low interest rates and STILL insists rising inflation is 'transitory': Jerome Powell warns coronavirus still poses economic risk and says it is too soon to end central bank's easy money policy | WHAT REALLY HAPPENED

Fed votes unanimously to keep ultra-low interest rates and STILL insists rising inflation is 'transitory': Jerome Powell warns coronavirus still poses economic risk and says it is too soon to end central bank's easy money policy

The Federal Reserve open market committee has voted unanimously to continue the central bank's easy money policies, again dismissing soaring inflation as 'transitory' and saying COVID-19 still poses risks to the economy.

The 11-member committee voted on Wednesday to keep the federal funds rate near zero and continue flooding the market with money through massive bond purchases 'until substantial further progress' is made on boosting employment.

It comes after the 12-month inflation rate hit 5.4 percent in June, the highest level in 13 years, leading to calls to tighten monetary policy and prevent prices from spinning out of control.

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