The Federal Reserve left interest rates unchanged on Wednesday, despite stubborn inflation that has resisted the central bank's fight to cool price increases.
Speaking in Washington D.C. on Wednesday, Fed Chair Jerome Powell said the central bank drew closer to its inflation goal over the past year, opting to hold rates steady as it weighs the steps necessary to bring inflation down to normal levels. The onset of some financial pain is exemplified by the housing market, where the average interest rate for a 30-year fixed mortgage briefly exceeded 8% on Monday,
But the central bank hinted at its most recent meeting in September that it expects to raise rates one more time this year, according to projections included alongside a statement last month from the Federal Open Market Committee, the Fed's decision-making body on interest rates.
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