Fed presses PAUSE on interest rate hikes after ten consecutive increases – with benchmark rate held steady at 5% to 5.25% as inflation cools
- The Fed said it would hold rates steady between 5 and 5.25 percent
The Federal Reserve has pressed pause on interest rate rises for the first time in 15 months, to allow time to assess the effect of its aggressive drive to dampen inflation.
At the June policy announcement, the Fed said it would hold rates steady between 5 and 5.25 percent, following ten consecutive hikes since March 2022.
It comes as latest statistics from the US Labor Department showed inflation has eased to a 4 percent annual rate, the lowest pace of price increases since March 2021.
More to follow.
