'Inflation Is Still Too High,' Fed Chief Says

The Federal Reserve began the year with a neutral stance, deciding to maintain the current interest rates at a meeting of its policy-setting committee on Wednesday. This decision, widely anticipated and supported by all members, holds the target range for the federal funds rate at 5.25%-5.50%. The Federal Open Market Committee did not include any language suggesting future interest rate hikes in its policy statement. However, there was no discussion of rate cuts at this point. During his post-meeting press conference, Fed Chair Jerome Powell emphasized that inflation remains "uncomfortably high." He also noted that the possibility of a rate cut in March is unlikely.