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Federal Reserve pauses interest rate hikes as inflation and economy slow down

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It's the second time this year the Fed left the key interest rate unchanged after seeing signs of inflation cooling off following 40-year highs.

The Fed concluded Wednesday that the situation had improved enough for it to take a wait-and-see approach.

The string of large rate hikes took interest rates from a historic low of almost zero to their highest level in more than 20 years. That meant interest rates on credit cards and mortgages also rose to long-time highs, while payments from Treasury bonds and interest rates on checking accounts are the strongest they've been in years.

 

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