- Federal Reserve votes to keep interest rates stable in their current range
- Rates are currently between 5.25 and 5.5 percent, the highest in 23 years.
- It is the sixth consecutive time that the Fed has kept rates at the same level
The Federal Reserve has voted to keep interest rates steady at their current highest level in 23 years, officials announced today.
The decision spells misery for households already struggling under the weight of rising interest rates on credit cards, mortgages and personal loans.
It is the sixth time in a row that the Federal Reserve has chosen to keep rates at their current level as it struggles to control inflation.
The annual inflation rate rose to 3.5 percent in March, still well above the Federal Reserve’s 2 percent target.
In a policy statement released today, the organization said rates will not be reduced until officials have “increased confidence that inflation is moving sustainably toward 2 percent.”
He also highlighted a “lack of further progress” in reducing prices.
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The Federal Reserve has voted to keep interest rates steady at their current highest level in 23 years, officials announced today.
The decision spells misery for households already struggling under the weight of record interest rates on credit cards, mortgages and personal loans.