Taking a breather: Fed holds interest rates steady in patient battle against inflation

Federal Reserve Board Chairman Jerome Powell and his colleagues opted to pause interest rate hikes at their meeting Wednesday. (Mark Wilson/Getty Images)

The Federal Reserve left interest rates unchanged Wednesday, but reaffirmed its commitment to battling stubborn inflation.

After raising interest rates at the last ten meetings in a row, Fed policymakers opted to hold their benchmark rate steady, between 5 and 5.25%. They signaled that additional rate hikes are possible, if necessary to bring prices under control.