US Fed leaves interest rates unchanged

Washington: The US Federal Reserve left the interest rate unchanged after the two-day meeting of its top decision making body on Wednesday. It’s a pause and not the end of hikes that the Fed has been announcing for 18 months now to deal with inflation.

A paper on the economic projections released indicated another hike might be coming before the end of the year.

The benchmark short-term rate remains at a 22-year high of 5.25% to 5.5%. This is only the second time since March 22 that the fed has not raised the rate.

Fed Chairman said economic activity has been stronger than expected which allowed the the fed proceed carefully about hikes.