The Federal Reserve on Wednesday kept its benchmark rate steady but didn't rule out a hike at its next meeting in November.
The Federal Reserve on Wednesday engineered a hawkish pause, holding interest rates steady while indicating a majority of officials continue to expect one more quarter-point interest rate hike before the end of the year.
After today’s decision, the Fed’s benchmark rate remains in a range of 5.25%-5.5%. The vote to hold rates steady was unanimous. Officials think they are close to a level of rates that will gradually bring down inflation without a recession. Only one of the 19 Fed officials expects the Fed to need to raise rates above 6% next year.
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