WATCH: Fed Chair Powell announces interest rates will remain unchanged as inflation eases

Article by Christopher Rugaber. PBS News Hour – updated June 14, 2023.

WASHINGTON (AP) — The Federal Reserve kept its key interest rate unchanged Wednesday after having raised it 10 straight times to combat high inflation. But in a surprise move, the Fed signaled that it may raise rates twice more this year, beginning as soon as next month. The Fed’s move to leave its benchmark rate at about 5.1 percent, its highest level in 16 years, suggests that it believes the much higher borrowing rates it’s engineered have made some progress in taming inflation. […]

Click here to view original web page at www.pbs.org

Video: Fed Chair Jerome Powell announces interest rate decision as inflation eases – PBS NewsHour