Fed holds rates steady, sees 'elevated' inflation and stabilizing job market

The U.S. Federal Reserve has decided to maintain interest rates in the 3.50%-3.75% range, citing elevated inflation and a stabilizing job market. The decision, made with a 10-2 vote, indicates no immediate plans for rate cuts. While inflation remains high, the job market shows signs of stabilization, with the unemployment rate at 4.4%. The Fed's statement reflects a divided outlook among policymakers regarding future adjustments, as they await further economic data. Fed Chair Jerome Powell is expected to discuss these developments in an upcoming press conference.