Federal Reserve says it will not raise interest rates this month, making it the first time the Fed has decided to leave interest rates unchanged in 15 months.
Federal Reserve Chair Jerome Powell announced the decision Wednesday, making it the first time the Fed has decided to leave interest rates unchanged in 15 months.
In response to persistently high inflation levels, the Open Market Committee increased interest rates a remarkable 10 consecutive times between March 2022 and May 2023.Since early 2022, the Fed has increased theFederal Funds rate from 0.75%–1% to 5%–5.25%.According to the committee, the reason behind the pause is that while inflation remains high,"recent indicators suggest that economic activity has continued to expand at a modest pace.
Inflation has fallen significantly from a peak last summer of more than 9% but remains at 4%, which is double the Federal Reserve's target of 2%. While this pause may be only temporary, experts say it will still allow banks to breathe a sigh of relief.
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