The U.S. Federal Reserve on Wednesday kept its benchmark interest rate on hold at a 23-year high of 5.25-5.50 percent as widely projected, leaving a first cut in borrowing costs since 2020 until possibly sometime in the second half of this year.
The Fed's fifth straight decision to maintain the target range for the federal funds rate, which commercial banks charge each other for overnight loans, was announced following the central bank's two-day policy meeting as the U.S. economy shows signs of continued strength.
