US Fed keeps interest rates at 23-year high; flags 'lack of further progress' on inflation

The Federal Reserve emphasized that inflation has remained stubbornly high and said it doesn’t plan to cut interest rates until it has “greater confidence” that price increases are slowing sustainably to its 2% target. The Fed kept its key rate at a two-decade high of roughly 5.3%. Several hotter-than-expected reports have recently undercut the Fed’s belief that inflation was steadily easing.