Federal Reserve maintains interest rates after 10 straight hikes to combat inflation

The Federal Reserve Bank on Wednesday maintained interest rates at the range of 5%-5.25% after having raised rates 10 times straight in an effort to combat inflation.

The Fed said it may raise interest rates again this year, as inflation showed an increase in May of 4% compared to what it was a year ago at this time, which is twice the target rate.

"Holding the target range steady at this meeting allows the Committee to assess additional information and its implications for monetary policy," the Fed said. 

The bank also expressed confidence in the banking system after three major U.S. bank collapses this year.

Madeleine Hubbard is an international correspondent for Just the News. Follow her on Twitter or Instagram.