The Federal Reserve held interest rates steady on Wednesday but opened the door to reducing borrowing costs as soon as its next meeting in September as inflation continues coming into line with the U.S. central bank's 2% target. The central bank's Federal Open Market Committee ended a two-day policy meeting by keeping its benchmark overnight interest rate in the 5.25%-5.50% range. Inflation, according to the Fed's statement, was now just "somewhat elevated," a key downgrade from the assessment that it has used throughout much of its battle against rising prices that inflation was "elevated."
Source: Reuters