Fed leaves rates unchanged, signals it’s open to another hike as it fights inflation – By Paul Davidson, Charisse Jones, Medora Lee & Bailey Schulz (USA Today) / Nov 1, 2023
WASHINGTON – The Federal Reserve held its key interest rate steady Wednesday but left the door open to another hike, possibly as soon as December, amid a remarkably strong economy and job market.
The decision leaves the Fed’s benchmark short-term rate at a 22-year high of 5.25% to 5.5% following an aggressive campaign of rate increases aimed at taming the nation’s biggest inflation surge in four decades. It marks the first time the Fed has left its federal funds rate unchanged at consecutive meetings in nearly two years.
The move was widely expected after Fed Chair Jerome Powell said in a speech last month that a recent spike in 10-year Treasury bond yields could take the place of additional rate increases, at least for the short term.
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