SINGAPORE (Feb 2): The Federal Open Market Committee, meeting for the last time under outgoing chair Janet Yellen, left the federal funds rate unchanged on Jan 31 while paving the way for rate hikes under Yellen’s successor Jerome Powell.

See: Janet Yellen’s Fed era ends with unanimous vote of no rate hike

Yellen’s four-year term has been characterised by a gradual tightening approach — five hikes of 25 basis points (bps) each and a measured reduction of the Fed’s balance sheet.

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