The Fed Skips Interest Rate Hike, Again

The Federal Reserve kept its federal funds rate unchanged at a 22-year high of 5.25% to 5.5%.

Fed Chairman Jerome Powell
(Image credit: Getty Images)

The Federal Reserve once again maintained its benchmark interest rate at the current 5.25% to 5.5% target range today in a widely expected move aimed at curbing inflation.

While recent indicators suggest that third-quarter economic activity expanded at a sizzling 4.9% annualized rate, inflation remains elevated, the central bank’s Federal Open Market Committee (FOMC) said in a statement on November 1 at the conclusion of its two-day policy meeting. The goal is to reach maximum employment and keep inflation at the 2% rate over the long run, the committee said.

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Esther D’Amico
Senior News Editor

Esther D’Amico is Kiplinger’s senior news editor. A long-time antitrust and congressional affairs journalist, Esther has covered a range of beats including infrastructure, climate change and the industrial chemicals sector. She previously served as chief correspondent for a financial news service where she chronicled debates in and out of Congress, the Department of Justice, the Federal Trade Commission and the Commerce Department with a particular focus on large mergers and acquisitions. She holds a bachelor’s degree in journalism and in English.