Fed holds interest rates at a 23-year high

Officials at the US central bank have left interest rates at a 23-year high, while offering little certainty about the path ahead for borrowing costs.

The decision from the Federal Reserve again kept the target range for its benchmark rate, which helps set borrowing costs for mortgages, credit cards and other loans, at 5.25%-5.5%.

That is sharply higher than two years ago, when the Fed started raising rates to fight inflation.

Investors expect rate cuts this year.

Exactly when the bank will start to reverse course is being closely watched, especially as a slew of central banks in other countries, including the Bank of England which meets on Thursday, face similar decisions.