WASHINGTON — The Federal Reserve kept its key rate unchanged Wednesday at about 3.9 percent despite stubbornly high inflation, while providing little hint about the central bank’s next moves. “Inflation remains elevated,” the Fed said in a statement released after its two-day policy meeting. Holding off on an increase will allow “the accumulation of more information” that will help determine what policy the Fed should pursue “to ensure a timely return of inflation” to the central bank’s 2 percent inflation target, the statement said. The Fed, led by Chairman Kevin Warsh, raised its benchmark rate last month for the first time in three years, defying President Donald Trump’s demands for rate cuts, in an effort to get inflation back to its 2 percent target in a “timelier” manner. The Fed is tasked by Congress to combat inflation, and it does so by lifting rates to slow borrowing and spending and cool price increases. The statement leaves the Fed’s next moves unclear, even though officials last month penciled in another rate hike for this year. Wall Street invest
US Fed keeps rates unchanged despite elevated inflation, gives little signal of next move
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- US Fed keeps rates unchanged despite elevated inflation, gives little signal of next move
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