Federal Reserve leaves interest rate unchanged. Now the question is when it might cut.
CBSN
The Federal Reserve on Wednesday said it is holding its benchmark interest rate steady, extending a reprieve for borrowers after the fastest series of hikes in four decades.
The central bank said it will maintain the federal funds rate in a range of 5.25% to 5.5%, marking the third consecutive pause since July, when it last raised rates.
Fed officials have raised the federal funds rate 11 times since starting the tightening cycle in March of 2022 to combat the hottest inflation in 40 years. The strategy has largely succeeded in dousing inflation and even led prices to fall for some products, such as used cars, furniture and appliances.
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CBS News contributor Arthur C. Brooks is the author of a new book, "The Meaning of Your Life: Finding Purpose in an Age of Emptiness." This morning, he's charting an unlikely path to happiness:
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We share our planet with maybe 10 million species of plants, animals, birds, fish, fungi and bugs. And to help identify them, millions of people are using a free phone app. "Currently we have about six million people using the platform every month," said Scott Loarie, the executive director of iNaturalist, a nonprofit.
Washington — As voters gear up for the midterm elections in November that will decide control of the House and Senate, the Supreme Court is set to weigh Monday whether states can count mail ballots that are postmarked by, but arrive after, Election Day.
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