Federal Reserve Holds Interest Rates Steady

The committee decided to maintain the target range for the Fed funds rate at 3.5 to 3.75 percent. We recognize that inflation has been running well ahead of the Fed’s long-stated inflation goal of 2 percent. That’s been going on for more than five years. Persistently high prices are a burden for the American people. But the recent past need not be prologue. Thank you all very much.