WASHINGTON: The Federal Reserve held interest rates steady on Wednesday but left the door open to a further increase in borrowing costs in a policy statement that acknowledged the U.S. economy’s surprising strength, but also nodded to the tighter financial conditions faced by businesses and households. “Economic activity expanded at a strong pace in the third quarter,” the U.S. central bank said in a policy statement after a two-day meeting in which officials unanimously agreed to leave the benchmark overnight interest rate in the 5.25%-5.50% range where it has been since July. The language marked an upgrade to the “solid pace” of activity the Fed saw as of its September meeting, and follo
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