The Federal Reserve holds interest rates steady but hints at more action this year

Fed Chair Jerome Powell speaks during a news conference at the Federal Reserve in Washington, D.C., on July 26, 2023.Fed Chair Jerome Powell speaks during a news conference at the Federal Reserve in Washington, D.C., on July 26, 2023.The Federal Reserve left interest rates unchanged Wednesday, but signaled that it's open to additional rate hikes in the future, if necessary, to combat stubborn inflation.

The central bank has already raised rates 11 times in the last 18 months, most recently in July. That's the most aggressive series of rate hikes since the early 1980s, and leaves the Fed's benchmark borrowing cost between 5.25 and 5.5%. People shop at the Ideal Fresh Market in Brooklyn in New York City on Jan. 12, 2023. Inflation has eased substantially this year but still remains above the Fed's target.People shop at the Ideal Fresh Market in Brooklyn in New York City on Jan. 12, 2023. Inflation has eased substantially this year but still remains above the Fed's target.

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