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Fed passes its turn

This had been one of the most eagerly awaited FOMC meetings, but in the end the Federal Reserve decided to pass its turn. The last time the Fed Funds rate was raised, back in June 2006, there was a far more compelling case, making the central bank’s job a good deal easier: unemployment was even lower than it is now (4.6% vs. 5.1%) and inflation towered at 4%, while growth reached 2.7% and the 10-year rate stood at 5.1%.