The Federal Reserve on Wednesday held its ground on interest rates, again deciding not to cut as it continues a battle with inflation that has grown more difficult lately. In a widely expected move, the U.S. central bank kept its benchmark short-term borrowing rate in a targeted range between 5.25%-5%. The federal funds rate has been at that level since July 2023, when the Fed last hiked and took the range to its highest level in more than two decades. … With its the decision to hold the line on rates, the committee in its post-meeting statement noted a “lack of further progress” in getting inflation back down to the central bank’s 2% target.
Source: CNBC
