Fed keeps interest rates unchanged for first time since January 2022 ...Middle East

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Fed keeps interest rates unchanged for first time since January 2022
The Federal Reserve is taking a break from a rapid stretch of rate hikes as it approaches a critical crossroads in its battle with inflation. The Fed’s rate-setting committee announced Wednesday it would keep its baseline interest rate range unchanged for the first time since January 2022. The Fed funds rate range will remain at 5 to 5.25 percent, the highest level since 2008. As inflation reached four-decade highs last summer, the Fed rapidly boosted rates to snuff out rapid price growth and cool off a historically strong job market. Higher interest rates tend to slow the economy and sap consumer demand, two of several forces behind inflation. Federal Reserve Chairman Jerome

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