Federal Reserve leaves interest rates unchanged despite stubborn inflation

The Federal Reserve left interest rates unchanged on Wednesday, despite stubborn inflation that has resisted the central bank's fight to cool price increases.

Inflation stands well below its peak last year of over 9%, but progress has stalled in recent months and price growth remains more than a percentage point higher than the central bank's target rate.that the U.S. economy expanded at a 4.9% annualized rate over three months ending in September. That breakneck pace more than doubled growth over the previous quarter and reinforced other recent indicators of sturdy performance.

The Fed may consider the sharp increase in bond yields as indication that a string of previous rate hikes has begun to make its way through the economy, rendering an additional rate hike unnecessary, at least for now.

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