Federal Reserve leaves interest rates unchanged

The Federal Reserve on Wednesday announced that it will leave its benchmark interest rate unchanged as policymakers continue to assess uncertainty around inflation and economic conditions in light of federal policy shifts.

The central bank’s decision leaves the benchmark federal funds rate at a range of 4.25% to 4.5%.

The move comes after the Fed left rates at that level at its previous meeting in January, which came on the heels of three consecutive rate cuts at its preceding meetings – which involved a 50-basis-point cut in September and a pair of 25-basis-point reductions in November and December.

The Federal Open Market Committee (FOMC), which guides the central bank’s monetary policy moves, noted in its announcement that, “Uncertainty around the economic outlook has increased” and added it’s focused on risks to both sides of its dual mandate to promote maximum employment and keep inflation at 2% over the long-run.

This is a developing story. Please check back for updates.