The Federal Reserve on Wednesday left its benchmark interest rate unchanged as it awaits more evidence that U.S. inflation is cooling in earnest. The central bank kept the federal funds rate — or what banks charge each other for short-term loans — in a range of 5.25% to 5.5%. It has remained at that level, the highest in 23 years, since July of 2023.
Earlier on Wednesday, the government said consumer prices in May rose 3.3% on an annual basis, showing some easing from April, when the pace stood a tick higher at 3.4%. Inflation-weary consumers are eager to learn when the Fed might start cutting its benchmark interest rate, providing some relief from high borrowing costs.
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