The Federal Reserve left its overnight lending rate unchanged at its seventh consecutive meeting this week, maintaining the target rate for banks between 5.25% and 5.5%, a 22-year high.
This decision follows the latest inflation report from the Commerce Department, which showed cooling price increases in May. The headline consumer price index remained unchanged over the month, and the core price index, which excludes food and energy, rose by just 0.2%, less than forecasted. Inflation had accelerated in the first three months of the year, raising concerns among investors that rate cuts might be delayed as the Fed continues its restrictive monetary policy to combat rising prices.
The committee last changed its target rate with a final hike at its July 2023 meeting.
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