Federal Reserve holds interest rates at 23-year high until inflation further cools

It doesn’t plan to cut interest rates until it has ‘greater confidence’ that price increases are slowing sustainably to its 2% target.

The Federal Reserve on Wednesday emphasized that inflation has remained stubbornly high in recent months and said it doesn’t plan to cut interest rates until it has “greater confidence” that price increases are slowing sustainably to its 2% target.