Photo: JULIA NIKHINSON / AFP / Getty Images
The Federal Reserve ended its first meeting of the year, and held interest rates where they were, as expected. Chairman Jerome Powell also signaled that the Fed is not yet ready to start cutting interest rates.
This left interest rates unchanged at a range of 5.25% to 5.5%, the highest level in 22 years.
The policy-setting Federal Open Market Committee acknowledged that the "risks to achieving its employment and inflation goals are moving into better balance," but cautioned that rate cuts are not imminent.
"In considering any adjustments to the target range for the federal funds rate, the Committee will carefully assess incoming data, the evolving outlook, and the balance of risks," the statement said. "The Committee does not expect it will be appropriate to reduce the target range until it has gained greater confidence that inflation is moving sustainably toward 2 percent."
The next Fed meeting is scheduled for March 19.