The Fed indicated additional rate hikes are likely for later this year. (AFP photo)
WASHINGTON: The United States Federal Reserve voted Wednesday to pause its aggressive campaign of interest rate hikes despite “elevated” inflation, while indicating a sharp increase could be needed before the end of the year.
“It allows the economy a little more time to adapt as we make our decisions going forward,” Fed chair Jerome Powell said in a press conference after the decision was announced.
After 10 straight increases, the Fed’s rate-setting committee voted to hold its benchmark lending rate between 5.0% and 5.25%, the central bank said in a statement.
The widely-expected decision gives policymakers on the Federal Open Market Committee…
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