Mubasher: The Federal Reserve on Wednesday decided to maintain interest rates between 2.25% and 2.5%.

The Fed based its decision on economic stability and lower inflation, pledging balance sheet reduction.

The central bank can afford some patience, giving the economy’s steady growth and the decline in unemployment, Fed’s chairman Jerome Powell said.

“The US economy is in a good place and we will use our monetary policy tools to keep it there. It is a great time for us to be patient and watch and wait to see how things evolve,” MarketWatch reported, citing Powell as saying.

The Fed cut its estimate for the GDP growth for 2019 to 2.1%, compared to a previous estimation of 2.3%.