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Federal Reserve governors voted for an eighth consecutive time Wednesday to keep a key U.S. interest rate at a record low “target range” of zero to 0.25%.

The Fed first lowered the key federal funds interest rate to that range last December.

“Businesses are still cutting back on fixed investment and staffing, though at a slower pace,” the Federal Open Market Committee said in a statement.

“Household spending appears to be expanding, but remains constrained by ongoing job losses, sluggish income growth, lower housing wealth and tight credit,” the FOMC said.