Fed Acknowledges Rising GDP and Inflation but Keeps Rates Steady

The Federal Reserve made subtle hawkish changes to its August statement released on Wednesday, even though it left benchmark interest rates unchanged.
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The Federal Reserve made subtle hawkish changes to its August statement released on Wednesday, even though it left benchmark interest rates unchanged. 

The Fed said economic activity is rising at a "strong" rate, compared to a "solid" rate in June. This is a nod to the recent 4.1% GDP print for the second quarter -- the highest since 2014, according to Danielle DiMartino Booth, CEO of Quill Intelligence and a former Federal Reserve advisor. 

The Fed is widely expected to announce another rate hike, it's third for the year, at its next meeting in September.