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Federal Reserve officials on Wednesday signalled support for another rate rise this year and fewer cuts in 2024 even as the US central bank held its benchmark interest rate steady at a 22-year high.
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 per cent and 5.5 per cent. That was in keeping with the bank’s strategy of moving more carefully in the latter stages of its fight against inflation.
Since March 2022, the Fed has pursued one of the most aggressive campaigns to choke off consumer and business demand in decades in a battle against price pressures that have proven far more persistent than expected.
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