The Federal Reserve left interest rates unchanged on Wednesday and reiterated plans to hold rates steady, noting there has been lack of further progress on inflation dropping.

The central bank voted to keep its benchmark interest rate in a range of 5.25%-5.50% at the conclusion of its two-day policy meeting, a 23-year high. The fed funds rate has been in this range since July 2023.

“The Committee does not expect it will be appropriate to reduce the target range until it has gained greater confidence that inflation is moving sustainably toward 2%.”

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