Fed holds interest rates steady, postponing rate cuts amid stubborn inflation


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The Federal Reserve held interest rates steady on Wednesday, opting to keep rates highly elevated as progress toward lower inflation has stalled.

The move pushes back rate cuts that the central bank expects to make some time this year. But the Fed stuck to its previous projection of three rate cuts by the end of 2024.

The Fed Funds rate remains between 5.25% and 5.5%, matching its highest level since 2001.