The Federal Reserve left its influential interest rate unchanged at the conclusion of its two-day meeting in Washington on Wednesday, citing a recent slowdown in growth that it said was likely "transitory."

The release acknowledged that the economy has been expanding at a slower pace of late, though it said that the U.S. job market and other indicators of the economy's health continue to be strong... Investors had widely been expecting the central bank to remain on hold this week, given that economic data has been somewhat weaker in the past month and that the Fed still has plenty of time to realize its plan of raising interest rates twice more this year.

The backpedaling starts with "transitory" excuses...

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