Fed Holds Rates Steady, Projects 1 More Increase This Year

Committee members noted that U.S. economic activity had been growing at a ’solid pace.’

Traders work on the floor at the New York Stock Exchange as the Federal Reserve Chairman Jerome Powell speaks after announcing a rate increase in New York on Nov. 2, 2022. Seth Wenig/AP Photo

The Federal Reserve voted to leave interest rates unchanged at the September Federal Open Market Committee (FOMC) policy meeting, keeping the benchmark fed funds rate at a range of 5.25 percent to 5.5 percent, the highest in 22 years.

Central bank officials left the door open for one more rate increase before the end of the year and indicated smaller rate cuts in 2024.