Federal Reserve policymakers on Wednesday voted to hold interest rates steady, keeping borrowing costs elevated for millions of households and businesses.
The Federal Reserve on Wednesday held interest rates steady at the highest level in more than two decades, but hinted that recent progress on inflation could soon prompt them to reduce borrowing costs. The widely expected decision left interest rates unchanged at a range of 5.25% to 5.5%, where they have sat since last July. Policymakers made several key changes to the statement released after their two-day meeting in Washington.
Policymakers raised interest rates sharply in 2022 and 2023 in a bid to slow the economy and cool inflation. Officials are now grappling with when they should take their foot off the brake. They entered 2024 expecting to reduce rates at least three times this year, but have repeatedly pushed back their plans, even though inflation eased in April, May and June.
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