The Federal Reserve holds interest rates steady. Here's the impact on your money.

Federal Reserve officials said they are leaving the central bank's benchmark interest rate unchanged, a decision widely expected by economists after recent inflation data showed that prices are still increasing at a faster pace than the Fed would like.

Policymakers on Wednesday said that while inflation is coming down, it "does not expect it will be appropriate" to cut rates until the bank is confident inflation is moving toward its 2% goal.

The Fed on Wednesday said it is maintaining the federal funds rate in a range of 5.25% to 5.5%.