Fed holds rates steady despite concerns over inflation

The Federal Reserve voted Wednesday to keep benchmark interest rates on hold, opting to take a patient approach in its fight against inflation despite mounting evidence that price pressures are proving more nettlesome than policymakers had hoped. In a widely expected decision, the Federal Open Market Committee kept the overnight funds rate in a range between 3.75%-4%, where it has been since the central bank approved a quarter percentage-point increase in September.
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