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.