- Federal Reserve votes to keep interest rates at current level
- Rates are currently between 5.25 and 5.5 percent, their highest level in 23 years.
- This is the sixth consecutive time that the Fed has kept its rates at the same level.
The Federal Reserve has voted to keep interest rates at their current 23-year high, officials announced today.
The move spells misery for households already struggling under the weight of rising interest rates on credit cards, mortgages and personal loans.
This is the sixth time in a row that the Fed has chosen to keep rates at their current level as it struggles to control inflation.
The annual inflation rate reached 3.5 percent in March, still well above the Fed’s 2 percent target.
In a policy statement released today, the organization said rates will not be cut until officials have “greater confidence that inflation is moving sustainably toward 2 percent.”
He also highlighted a “lack of further progress” in lowering prices.
Fed Chairman Jerome Powell doubled down on his comments during a press conference this afternoon.
This is breaking news, please check back for updates.
The Federal Reserve has voted to keep interest rates at their current 23-year high, officials announced today.
The move spells misery for households already struggling under the weight of record interest rates on credit cards, mortgages and personal loans.
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