WASHINGTON—The Federal Reserve on Wednesday held interest rates steady and signaled borrowing costs are likely to remain unchanged indefinitely, with moderate economic growth and low unemployment expected to continue through next year’s presidential election.
“Our economic outlook remains a favorable one, despite global developments and ongoing risks,” Fed Chair Jerome Powell said in a news conference following the Fed’s decision to leave its benchmark overnight lending rate in its current target range between 1.50 percent and 1.75 percent.
