Federal Reserve holds interest rates steady at 23-year high

The Federal Reserve on Wednesday decided to hold interest rates steady at a 23-year high, a decision that was expected. 

The Fed cited a lack of progress reducing inflation as the reasoning for leaving rates unchanged, considering a cut would induce more borrowing and spending that could further stimulate the economy and increase inflation.  

"In recent months, there has been a lack of further progress towards the committee’s 2% inflation objective," read a policy statement from the Fed.

"The Committee does not expect it will be appropriate to reduce the target range until it has gained greater confidence that inflation is moving sustainably toward 2 percent," the statement read.