US Fed keeps rates unchanged despite elevated inflation, gives little signal of next move
WASHINGTON — The Federal Reserve kept its key rate unchanged Wednesday at about 3.9 percent despite elevated 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…
On Wednesday, the Federal Reserve maintained its benchmark interest rate at around 3.9 percent, despite facing high levels of inflation. The central bank offered minimal clues as to the direction of its future actions.
In a statement released following its two-day policy meeting, the Fed confirmed that inflation continues to exceed its desired level. By refraining from raising rates, the central bank aims to gather additional data that will inform its decisions on how to bring inflation back down to its 2 percent target, according to the statement.
Chairman Kevin Warsh presided over the Federal Reserve, which increased rates for the first time in three years last month, defying President Donald Trump's calls for rate cuts. The Fed's mandate is to address inflation, and it does so by raising rates to curb borrowing, spending, and price increases.
Two dissenting voices were present at Wednesday's decision. Fed Governor Lisa Cook and Federal Reserve Bank of Cleveland President Beth Hammack voted against maintaining the existing rate.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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