Mary Daly, a Federal Reserve official, has expressed her full support for maintaining the current interest rate levels. The Federal Open Market Committee (FOMC) has kept the federal funds target range steady at 3.50% to 3.75%. The July FOMC meeting saw a divided vote, with a majority favoring the hold but some members advocating for a rate increase. Markets now price the probability of a September rate hike at 46.5%. The Fed has indicated it will wait for additional economic data, particularly on inflation and employment, before considering any policy changes.
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