Interest rates will continue to remain steady, according to the U.S. Federal Reserve. Borrowing costs will likely stay unchanged for an indefinite period of time. While 2020 brings a new presidential election, the Fed predicts the new year will see moderate economic growth and low unemployment.
The lending rate sits between 1.5% and 1.75%, some of the Fed's lowest rates in about a decade. The majority of the Fed—13 of 17 Fed policymakers—do not foresee a change in interest rates until 2021.
"The Committee judges the current stance of monetary policy is appropriate to support sustained expansion of economic activity, strong labor market conditions, and inflation near the ... symmetric 2 percent objective," the Fed said in a policy statement after the end of a two-day meeting.
—Christie Citranglo, editorial associate