The Federal Reserve announced Wednesday that it will keep interest rates unchanged as it awaits more clarity on the economy before adjusting borrowing costs for businesses and consumers.
The central bank’s key federal funds rate, which influences interest rates across the economy, will remain at approximately 4.5%.
Fed Chair Jerome Powell has maintained a steady stance despite ongoing uncertainty. “Despite elevated levels of uncertainty, the U.S. economy continues to be in a good place,” Powell said earlier this month. “We do not need to be in a hurry and are well positioned to wait for greater clarity.”
