The Federal Reserve on Wednesday announced it will leave interest rates unchanged, breaking a streak of three straight rate cuts amid uncertainty over the labor market and inflation.
Fed policymakers voted to leave the benchmark federal funds rate unchanged at its current range of 3.5% to 3.75%. The move follows three successive 25 basis point rate cuts in September, October and December to close out last year.
Economic data showing a slowdown in the labor market along with inflation continuing to run hotter than the Fed's 2% target prompted policymakers to put rate cuts on pause, after they were deeply divided over the decision to cut in December.
The Federal Open Market Committee (FOMC) voted 10-2 in favor of leaving rates unchanged, with dissents by Fed Governors Stephen Miran and Christopher Waller, who were in favor of 25 basis point cuts. Read more, see charts, and video here.
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