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Federal Reserve: US economic slowdown ‘transitory’

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Janet YellenImage copyright Reuters

The US Federal Reserve has said a recent slowdown in the US economy is likely to be “transitory”.

GDP grew at an annual rate of 0.7% in the first quarter – the slowest rate since the first quarter of 2014.

But the US central bank said it expected growth to pick up again, and decided to keep interest rates on hold in a range of 0.75% to 1%.

The Fed has only raised interest rates three times in the last decade, most recently in March this year.

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