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The Federal Reserve left its benchmark rate unchanged Wednesday, and a softer-than-expected inflation print sent small-cap stocks sharply higher, with the Russell 2000 outpacing broader indexes by a wide margin.
Rate decision Policymakers kept the federal funds target range at 4.25%–4.50%, a move widely anticipated heading into the meeting.
The decision came alongside a core Consumer Price Index reading of 2.4% for the prior month, one-tenth of a percentage point below the 2.5% Wall Street had projected.
The miss was modest but enough to shift market sentiment.
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