The Washington PostThe Washington Post

Fed leaves rates unchanged for first time since March 2022

By Rachel Siegel and Abha Bhattarai

14 Jun 2023 · 5 min read

informed Summary

  1. The U.S. Federal Reserve has decided to leave interest rates unchanged for the first time since spring 2022.

The Federal Reserve is leaving interest rates unchanged for the first time since spring 2022 but signaled more rate increases would come later this year as the central bank feels its way into the newest chapter of its fight to control inflation.

Over 15 months and 10 consecutive hikes, the Fed moved at lightning speed to catch up to soaring inflation, hoisting borrowing costs to their highest level in 16 years. On Wednesday, though, the message from the central bank was that the sprinting stage is over - and now is the time to step back and assess whether higher interest rates are doing their job.

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