Federal Reserve Keeps Interest Rates Unchanged, Leaves Door Open to More Rate Hikes

Federal Reserve Board Chairman Jerome Powell speaks during a news conference following the Federal Open Market Committee meeting at the Federal Reserve in Washington on June 14, 2023. Mandel Ngan/AFP via Getty Images

For the first time in more than a year, the Federal Reserve has left interest rates unchanged but signaled that two more rate hikes are set to happen this year.

The benchmark federal funds rate held steady at a range of 5–5.25 percent, effectively ending the streak of 10 consecutive rate hikes.