Interest rates stand at a 23-year high.
The Federal Reserve maintained its benchmark interest rate on Wednesday, keeping borrowing costs at their highest level in more than two decades despite a prolonged cooldown of inflation. An interest rate cut is widely expected in the coming months.
Still, economists expected the Fed to leave interest rates unchanged on Wednesday. The move offered the central bank time to ensure current trends hold ahead of its next meeting in September.CME FedWatch Tool The economy appears to be hurtling toward interest rate cuts later this year. Such an outcome would deliver long-sought loan relief for households and businesses saddled with expensive debt.significantly from a peak of more than 9%, though inflation remains a percentage point higher than the Fed's target rate of 2%. An outright drop in prices in June compared to the month prior marked a major sign of progress in slowing inflation.
The Fed is guided by a dual mandate to keep inflation under control and the labor market strong. The monthslong stretch of good news for inflation alongside bad news for unemployment has prompted the Fed to give additional consideration to its goal of keeping Americans on the job, Fed Chair Jerome Powell said last month.
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