Fed cuts inflation, unemployment rate forecasts

Fed cuts inflation, unemployment rate forecasts

The Fed raised the target range for the federal funds rate from 1 to 1.25 percent, a level that's on par with South Korea's. Policy makers agreed to raise their benchmark lending rate for the third time in six months, maintained their outlook for one more hike in 2017 and set out some details for how they intend to shrink their $4.5 trillion balance sheet this year.

Text of Federal Reserve statement after raising interest rate

More important was what the U.S. central had to say about its plans to rein in its bloated balance sheet , which has ballooned to $4.5 trillion since the financial crisis as the Fed has bought government and mortgage-backed bonds to underpin the American economy.

Kids tossed from windows to escape London high-rise blaze

The London Fire Brigade said 45 fire engines and 200 firefighters were called to the scene and Assistant Fire Commissioner Dan Daly said it was a large and very serious incident. Britain's government ordered checks at tower blocks going through similar refurbishment amid concerns that renovations at the Grenfell Tower contributed to the spread of the blaze.

Under fire, Sessions denies any Russian collusion

John Cornyn, it was former Federal Bureau of Investigation director James Comey still in the hot seat. In his opening remarks, Sessions said he knew of no conversations between Trump campaign individuals and Russian officials about interfering in the USA election.

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USGA pledges no repeat of rules gaffe from last US Open

Open golf tournament Wednesday, June 14, 2017, at Erin Hills in Erin, Wis. Spieth agreed the 7,441-yard layout could often punish excessively aggressive players. The 30-year-old will be playing in his fifth U.S. Open, and he is on an upward trajectory. "Even the best drivers of the ball can't hit it in the fairway all the time at most U.S.