Federal Reserve Holds Interest Rates at 22-Year High

The Federal Reserve held interest rates steady Wednesday after a year of remarkable progress in its fight against inflation, signaling their rate hike crusade may be coming to an end.

“We are likely at or near the peak rate for this cycle,” Fed Chair Jerome Powell said at a press conference following the announcement.

The Federal Open Market Committee (FOMC) — the panel of Fed officials responsible for monetary policy — kept its baseline interest rate at a range of 5.25 to 5.5 percent following its final meeting of the year. The central bank raised rates to that level in July and has now kept them there after three consecutive meetings.

Read the source article at The Hill