Fed holds interest rates steady even as inflation remains high
The Federal Reserve held interest rates steady on Wednesday after hiking borrowing costs in September to clamp down on inflation.
The central bank left the federal funds rate at a target range of 3.75% to 4%, keeping it unchanged after raising rates last month for the first time in three years.
In a statement , the Fed said economic activity is growing at a "strong pace" while acknowledging that inflation remains elevated.
Read the original report
Opens CBS News in a new tab