WASHINGTON – The Federal Reserve on Wednesday voted to hold its key interest rate steady as policymakers navigate their way through higher-than-expected inflation readings, mixed signs on the labor market – and a war.
In a widely expected decision, the Federal Open Market Committee voted 11-1 to keep the benchmark federal funds rate anchored in a range between 3.5%-3.75%. The rate sets overnight funding costs for banks but influences a broad range of consumer and business borrowing.