Washington DC
CNN
—
The U.S. Federal Reserve announced Wednesday that it would pause interest rate hikes and keep its benchmark lending rate at a 22-year high.
The move had been widely expected after the central bank signaled in recent weeks that it would wait for more data to understand how past rate hikes are affecting the U.S. economy.
The Fed has raised interest rates 11 times since March 2022 and left them unchanged twice, including a pause in September.
This story is in development and will be updated.