Fed acknowledges inflation setback, holds rates steady

(Image: Getty)

Thu, 02 May 2024

By Nick TimiraosWASHINGTON – The Federal Reserve held interest rates steady at their highest level in two decades and acknowledged recent inflation setbacks, extending a wait-and-see posture that could last well into the year.In their policy statement released Wednesday, officials highlighted a “lack of further progress” toward bringing inflation down in recent months.But Fed chair Jerome Powell said at a news conference that he didn’t think it was likely the Fed would need to consider interest-rate increases,...

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