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US Federal Reserve officials held interest rates steady but signaled they are moving closer to lowering borrowing costs amid easing inflation and a cooling labor market. The Federal Open Market Committee voted unanimously to leave the benchmark federal funds rate in a range of 5.25% to 5.5%, a level they have maintained since last July. Officials also tempered their assessment of the labor market, noting job gains had moderated and the unemployment rate has moved up, but is still low. They said inflation has eased over the past year but remains “somewhat elevated.” With September cuts now conventional wisdom and a soft landing potentially on the horizon, markets reacted gleefully.