US Fed keeps interest rates at 23-year high amid stubborn inflation
Al Jazeera
US central bank keeps benchmark rate at 5.25-5.50% after series of economic reports undercut hopes of easing inflation.
The US Federal Reserve has held interest rates at a 23-year high amid stubborn cost-of-living increases.
The central bank on Wednesday kept the benchmark lending rate at 5.25-5.50 percent after a series of economic reports indicated that inflation was easing at a slower pace than hoped.
Fed Chair Jerome Powell said inflation was “still too high” and rate cuts would not be on the cards until he had “greater confidence” that price growth was falling towards the 2 percent target.
“It is likely that gaining such greater confidence will take longer than previously expected,” Powell told a news conference after the end of a two-day policy meeting.
“We are prepared to maintain the current target federal funds rate for as long as appropriate.”
