The Federal Reserve kept its key interest rate unchanged Wednesday for a third straight time, a sign that it is likely done raising rates after having imposed the fastest string of increases in four decades to fight painfully high inflation.
In a statement it issued after its 19-member policy committee met Wednesday, the Fed said inflation has eased over the past year but remains elevated. It was the first time since inflation first spiked in 2021 that the Fed has formally acknowledged progress in its fight against accelerating prices. It also provided a hint that its rate-cut efforts may be over, saying it is considering whether any additional hikes are needed.
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