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The Federal Reserve Holds Interest Rates Steady

However, the agency hinted at more action this year

The Federal Reserve left interest rates unchanged Wednesday, but signaled that it's open to an additional rate hike, if necessary, to combat stubborn inflation.

"We have come very far very fast in the rate increases that we've made," Fed chairman Jerome Powell told reporters. "I think it was important at the beginning that we move quickly and we did. As we get closer to the rate that we think — the stance of monetary policy that we think — is appropriate to bring inflation down to 2 percent over time, the risks become more two-sided."

The central bank has already raised rates 11 times in the last 18 months, most recently in July. That's the most aggressive series of rate hikes since the early 1980s, and leaves the Fed's benchmark borrowing cost between 5.25 and 5.5 percent.

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