Federal Reserve Leaves Interest Rates Unchanged Despite High Inflation

Federal Reserve policymakers left the central bank’s benchmark interest rate unchanged despite inflation that has run above its target for over two years, saying the pause would allow it to gauge the effects of earlier hikes on the economy and inflation. The Fed said on Wednesday that it would hold its benchmark rate at a range of five percent to 5.25 percent, the range it set at its May meeting and the highest since the Fed cut rates at the summer of 2007. It a statement announcing the decision, the...