The Federal Reserve keeps interest rates unchanged and suggests that it will not lower them until inflation is contained. The Fed decided to keep rates within the range of 5.25% and 5.5%, their highest level since 2001, after 11 consecutive increases since the beginning of 2022.
The objective of the increases has been to curb consumption and bring inflation to 2%. The interest rates set by the Fed are the benchmark for other interest rates throughout the economy, from credit cards to mortgages to business and auto loans.