File - A news conference by Federal Reserve Chairman Jerome Powell is displayed on the floor at the New York Stock Exchange in New York, Wednesday, May 3, 2023. The Federal Reserve wraps up its two-day policy meeting Wednesday. Many analysts expect that the central bank will pause raising its benchmark borrowing rate for the first time in 15 months. – The Federal Reserve kept its key interest rate unchanged Wednesday after having raised it 10 straight times to combat high inflation.
The central bank’s 18 policymakers envision raising their key rate by an additional half-point this year, to about 5.6%, according to economic forecasts they issued Wednesday. “We understand the hardship that high inflation is causing, and we remain strongly committed to bring inflation back down to our 2% goal," Fed Chair Jerome Powell said at a news conference.
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