The central bank's rate-setting committee voted to hold its benchmark lending rate between 5.0% and 5.25%, indicating that another sharp increase could be needed before the end of the year.
The move gives policymakers time to assess additional information and its implications for monetary policy.
The Fed raised the median projection for the benchmark lending rate at the end of this year by another half percentage point, suggesting that more monetary tightening lies ahead.
The US economy has shown signs of slowing, but recent indicators suggest that economic activity has continued to expand at a modest pace.
The Fed also released an updated economic forecast, lifting its 2023 GDP growth projections to 1.0% from 0.4% in March.
LONDON DAILY ARCHIVE
Federal Reserve Pauses Aggressive Interest Rate Hikes, Keeping Benchmark Rate at 5.0% - 5.25%
The US Federal Reserve has paused its aggressive campaign of interest rate hikes after 10 straight increases since March 2022.
14 June 2023 · 22:14 UTC
