The Federal Reserve on Wednesday left the target range for its benchmark interest rate unchanged at a 22-year high.
The Federal Reserve held interest rates steady at a 22-year high on Wednesday while signaling another rate hike would be needed later this year to bring inflation back to its 2% target.
Officials now see cutting rates by 0.5% from the expected peak rate range of 5.5%-5.75%, implying holding rates at higher levels for longer. That compares with a full percentage point of rate cuts officials penciled in back in June. Fed officials noted in their statement that they still view inflation as "elevated," and note that they remain "highly attentive" to inflation risks. Still, officials lowered their outlook for inflation, which they now see ending the year at 3.7% from 3.9% forecast in June. Officials see inflation falling even lower next year to 2.6%, in-line with forecasts from June.
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