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The long awaited Federal Reserve decision to fire up US interest rates with another hike turned out to be a damp squib yet again. Fed chair Janet Yellen and her team of policymakers have hinted that the time is right to ratchet up the rate since the last rise from 0.25% to 0.5% in December 2015.
Despite sending signals and blowing smoke about putting interest rates up, the Fed has done nothing this year. The rate-setting committee only meets three more times before Christmas, including November when the USA goes to the polls to elect a new president. Traditionally, the Fed is unlikely to make such a major economic change.