The Federal Reserve announced Wednesday that it will keep interest rates steady despite the impact of two major hurricanes on the U.S. economy. The central bank's benchmark rate currently stands at 1 to 1.25 percent.
The decision to keep rates unchanged fell in line with experts' predictions, Business Insider reports. The Federal Open Markets Committee revealed that "economic activity has been rising at a solid rate despite hurricane-related disruptions." Unemployment rates dropped in September, even though payroll took a storm-related hit. Overall inflation has also declined over a 12-month period. The GDP annual growth rate hovered around 3 percent for the second consecutive quarter.
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