Fed starts interest rate meeting as inflation continues to cool

WASHINGTON: The US Federal Reserve on Tuesday kicked off a two-day meeting to set its benchmark lending rate, with fresh signs of cooling inflation increasing the chance it will pause its aggressive cycle of rate hikes.since March 2022 as it grapples with inflation which remains well above its two per cent long-term target.

The Federal Open Market Committee meeting got underway at 10.30am , the Fed said in a statement. The FOMC's decision will be published along with an updated economic forecast at 2pm on Wednesday. The Fed has raised its benchmark lending rate by five percentage points to between 5.00 and 5.25 per cent since March last year.

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