The Federal Reserve maintained its benchmark interest rate at a 22-year high on Wednesday, even as officials signalled support for further monetary tightening this year and fewer rate cuts next year.
The Federal Open Market Committee opted against an interest rate increase following its latest two-day meeting and voted unanimously to hold the federal funds rate between 5.25 and 5.5 per cent. That was in keeping with the US central bank’s strategy of moving more carefully in the latter stages of its fight against inflation.
In a statement, the committee said it remained “highly attentive to inflation risks”, noting that economic activity had been expanding at a “solid pace” and that jobs gains, while slower, were “strong”.
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