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not to raise interest rates, continuing a pause in its financial moves that aimed to fight inflation by raising borrowing costs. in the third quarter of 2023, a sharp increase from 2.1% in Q2. However, the Fed said inflation — measured at an annualized 3.7% in September, far lower than June 2022’s 9.1% peak — remained “elevated” above its 2% target.
"In determining the extent of additional policy firming that may be appropriate to return inflation to 2 percent over time,...The Federal Reserve on Wednesday again held benchmark interest rates steady amid a backdrop of a growing economy and labor market and inflation that is still well above the central bank’s target.
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