The Federal Reserve held its key interest rate steady Wednesday for the fifth consecutive meeting.
Inflation fell sharply last year but progress has stalled in recent months.steady on Wednesday, opting to keep rates highly elevated as progress toward lower inflation has stalled.
"The Committee does not expect it will be appropriate to reduce the target range until it has gained greater confidence that inflation is moving sustainably toward 2 percent," the FOMC said. "The economic outlook is uncertain, and ongoing progress toward our 2% inflation objective is not assured," Powell told lawmakers.
Interest rate cuts would lower borrowing costs for consumers and businesses, potentially triggering a burst of economic activity through greater household spending and company investment.
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