Fed holds off on rate cuts after hot jobs, inflation data ...Middle East

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A committee of Federal Reserve officials voted Wednesday to keep interest rates at a 22-year high after unexpectedly high job gains and inflation delayed likely plans for rate cuts. The Federal Open Market Committee (FOMC), the panel of Fed officials responsible for setting borrowing costs, voted to keep its baseline interest rate at the range of 5.25 to 5.5 percent set last June. The FOMC voted unanimously to hold rates steady. The central bank is not yet confident that inflation, which has plummeted after the Fed began hiking rates in March 2022, is on pace to reach its goal of a 2 percent annual rate. After peaking at 40-year high of 9.1 percent in June 2022, as measured by th

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Last updated : 20 March 2024 clock 09:12 PM

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Fed holds off on rate cuts after hot jobs, inflation data ...Middle East

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