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NEW: Fed's Monetary Policy Stays On Course

WASHINGTON (7/31/13 UPDATED 2:46 p.m. ET)--As expected, the Federal Reserve's policymakers stayed on course with its monetary policy, with no change in the 0.25% targeted funds interest rate and no announcement of a wind-down in its $85 billion-per-month bond assets purchase program. However, they noted the economy was expanding at a "modest" pace--a downgrade from the "moderate" pace last month.

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