00:00It's Benzinga, bringing Wall Street to Main Street.
00:02The Federal Reserve held its benchmark interest rates steady at 3.75% to 4% on Wednesday,
00:09as inflation remained elevated and economic growth stayed strong, according to CNBC.
00:15The Federal Open Market Committee voted 10 to 2 to maintain rates,
00:19with Governor Lisa Cook and Cleveland Fed President Beth Hammock favoring a quarter-point
00:24increase. The Fed described economic activity as expanding at a strong pace,
00:30while inflation has remained above its 2% target for more than five years.
00:34Policymakers indicated they need additional economic data before deciding whether to raise
00:39rates again. Futures markets suggest another increase could come in December,
00:44followed by additional hikes in 2027. Fed Chairman Kevin Warsh also announced plans to reduce the
00:50number of annual rate-setting meetings beginning next year. For all things money, visit Benzinga.com.
