The Federal Reserve voted against lowering the benchmark interest rate Wednesday, marking the first time it has chosen to hold steady since July.
Jan. 28 The Federal Reserve voted against lowering the benchmark interest rate Wednesday, marking the first time it has chosen to hold steady since July.
The committee left the rate unchanged to better assess how prior rate cuts are affecting the nation’s economy over several months, because the inflation rate remains elevated at 2.7%, and unemployment is becoming more stable after falling to 4.4% in December, CNN reported.
Federal Reserve Chairman Jerome Powell said the Federal Reserve had lowered the central bank’s lending rate by 175 points, or 1.75%, after initiating three cuts over the past year and a half.
