The Federal Reserve reduced interest rates for the first time since the financial crisis in a move that Chairman Jerome Powell said was designed to “ensure against downside risks” rather than signaling the start of a lengthy cycle of monetary policy easing.

U.S. economic growth slowed in the second quarter by less than forecast as consumer spending topped estimates, though weaker business investment and exports underscored the risks spurring the Federal Reserve toward an interest-rate cut July 31.

WASHINGTON — The Federal Reserve has left its key policy rate unchanged but signaled that it plans to keep responding to the strong U.S. economy with more interest rate hikes. The next rate increase is expected in December.

WASHINGTON — U.S. industrial production rose modestly last month, held down by drops in mining and utilities.

Federal Reserve officials left the benchmark interest rate unchanged while reiterating their plan to gradually lift borrowing costs to keep the economy expanding at a healthy pace.

Federal Reserve officials left interest rates unchanged, acknowledging inflation is close to target without indicating any intention to veer from their gradual path of interest-rate increases.

The gain in U.S. wholesale prices reflected higher food and services costs, signaling modest inflation, a Labor Department report showed July 13 in Washington.

The Federal Reserve’s advice to President- elect Donald Trump on the U.S. economy, repeated on Nov. 21 by Vice Chair Stanley Fischer, is crystal clear: Use the power of the public purse to make American workers more productive.

The Federal Reserve System announced Dec. 16 a quarter-point increase in its benchmark target for interest rates, acting because “the risks to the outlook for both economic activity and the labor market" are balanced.

In its first confirmation vote of the New Year, the U.S. Senate approved Janet Yellen to head the Federal Reserve.