Federal Reserve holds key interest rate steady amid economic uncertainty

The Federal Reserve on Wednesday announced that it will leave its benchmark interest rate unchanged as policymakers continue to monitor inflation and the labor market amid elevated levels of economic uncertainty.

The central bank's decision leaves the benchmark federal funds rate at a range of 4.25% to 4.5%.

It comes after the Fed left rates at that level at its two previous meetings in January and March, which followed three consecutive rate cuts at its preceding meetings – which involved a 50-basis-point cut in September and a pair of 25-basis-point reductions in November and December.

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