The Federal Reserve is likely to hold interest rates steady at a 22-year high on Wednesday, even as inflation remains above the central bank's 2% goal.
The Federal Reserve is widely expected to leave interest rates unchanged on Wednesday even as central bankers confront a surprisingly resilient economy and still too-high inflation. But Wall Street is even more focused on Fed Chair Jerome Powell's press conference at 2:30 p.m. ET as they look for additional clues about whether the Fed is done raising rates, or if there is another increase in the pipeline.
Yet the rapid rise in rates has not stopped consumers from spending or businesses from hiring. Economic growth unexpectedly accelerated last week, with gross domestic product – the broadest measure of goods and services produced in the country – rising at a 4.9% annualized rate from July through September. It marked the best gain since 2021. And against all odds, the labor market has remained very tight.
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