Federal Reserve Holds Interest Rates Steady

The Federal Reserve held interest rates steady on Wednesday, ending a string of three consecutive quarter-point rate cuts as the central bank grapples with a combination of elevated inflation and sluggish hiring.

The move marked the first interest-rate decision since news surfaced earlier this month of a federal criminal investigation into Fed Chair Jerome Powell.

The choice to maintain interest rates at their current level echoed a cautious approach outlined by Powell last month, before reports of the investigation into his conduct.

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