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The Guardian - US
The Guardian - US
Business
Lauren Aratani and Callum Jones in New York

Federal Reserve holds interest rates at two-decade high as it waits for inflation to cool

US Federal Reserve Inflation Interest Rates Jerome Powell
a hand lowers a plastic bag of oranges into a row of paper bags
A worker selects oranges for a customer order at an Amazon Fresh grocery store in Seattle, Washington, last month. Photograph: David Ryder/Bloomberg via Getty Images

The Federal Reserve held interest rates at a two-decade high on Wednesday, as it awaits more signs of inflation cooling.

Officials at the US central bank expect to cut rates just once this year, according to projections released on Wednesday after their latest two-day meeting.

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