The Federal Reserve decided to hold rates steady at 5.25%-5.5%, the highest level in more than two decades. The central bank has raised rates from near zero in March 2022 in a bid to fight inflation.
Despite the outcome of the two day meeting the US central bank did not rule out further hikes. Forecasts released after the meeting showed a majority of policymakers expect rates to stand above 5.5% by the end of the year, implying at least one further hike and that rates are likely to stay higher for longer