Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Federal Reserve Holds Interest Rates Steady


Wed 20 Mar 2024 | 08:28 PM
WASHINGTON, DC - JANUARY 29: Federal Reserve Board Chairman Jerome Powell speaks during a news conference after a Federal Open Market Committee meeting on January 29, 2020 in Washington, DC. Chairman Powell announced that the Federal Reserve will not be adjusting interest rates. (Photo  Samuel Corum/Getty Images)
WASHINGTON, DC - JANUARY 29: Federal Reserve Board Chairman Jerome Powell speaks during a news conference after a Federal Open Market Committee meeting on January 29, 2020 in Washington, DC. Chairman Powell announced that the Federal Reserve will not be adjusting interest rates. (Photo Samuel Corum/Getty Images)
Taarek Refaat

The Federal Reserve decided to hold key interest rates at their current levels without change, for the fifth time in a row, which was in line with the expectations of most experts.

Policymakers in the Open Market Committee, which is charged with setting interest rates at the Federal Reserve, voted unanimously to keep the interest rate between 5.25% and 5.5%, to remain at its highest levels in 22 years.

US Federal Reserve Chairman Jerome Powell expected interest rates to start falling this year if the Fed received signs indicating a slowdown in inflation, but he left the matter without a specific timetable.

Inflation, according to the US Federal Reserve's preferred measure, currently stands at 2.4%, remaining above the target level of 2%.