Federal Reserve Holds Interest Rates Steady and Forecasts Future Hikes

The Federal Reserve has issued a statement following its latest FOMC meeting, stating that economic activity has continued to expand at a modest pace, job gains have been robust, and inflation remains elevated. The Committee has decided to maintain the target range for the federal funds rate at 5 to 5-1/4 percent, while continuing to monitor incoming information for the economic outlook and being prepared to adjust the stance of monetary policy as appropriate. The Committee remains highly attentive to inflation risks and is strongly committed to returning inflation to its 2 percent objective.