The Federal Reserve is leaving interest rates unchanged for the first time since spring 2022, signaling a new chapter in the central bank's fraught fight against inflation.

The decision at the end of the Fed's two-day policy meeting on Wednesday was widely expected, after a long run of rate hikes pushed the central bank's benchmark rate up by five percentage points in 15 months. The Fed also signaled more rate hikes would come before the end of the year, according to economic projections also released Wednesday, though it was unclear when exactly those increases might happen.

"In determining the extent of additional policy firming that may be appropriate to return inflation to 2 percent over time, the committee will take into account the cumulative tightening of monetary policy, the lags with which monetary policy affects economic activity and inflation, and economic and financial developments," a Fed statement said.

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