Federal Reserve Chair Jerome Powell speaks after Fed keeps interest rates steady — 5/1/2024

Federal Reserve Chairman Jerome Powell delivers remarks following the Federal Reserve's two-day policy meeting on Wednesday.

The Federal Reserve on Wednesday held its ground on interest rates, again deciding not to cut as it continues a battle with inflation that has grown more difficult lately.

In a widely expected move, the U.S. central bank kept its benchmark short-term borrowing rate in a targeted range between 5.25%-5%. The federal funds rate has been at that level since July 2023, when the Fed last hiked and took the range to its highest level in more than two decades.

The rate-setting Federal Open Market Committee did vote to ease the pace at which it is reducing bond holdings on the central bank’s mammoth balance sheet, in what could be viewed as an incremental easing of monetary policy.

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Federal Reserve Chair Jerome Powell speaks after Fed keeps interest rates steady — 5/1/2024