Federal Reserve pauses rate hike

WASHINGTON - The Federal Reserve will keep its key interest rate unchanged, it announced after a June 14 meeting, after 10 straight raises in an attempt to combat high inflation.

But the Fed signaled it may raise rates two more times this year, beginning as soon as July's meeting. 

The Fed’s move to leave its benchmark rate at about 5.1%, its highest level in 16 years, suggests it believes the higher borrowing rates it’s engineered have made some progress at inflation. 

But top Fed officials want to take time to more fully assess how their rate hikes have affected inflation and the economy. (The AP 06/14/23) Fed keeps rates unchanged but signals 2 more potential hikes this year | AP News