The Federal Reserve announced that it will not raise interest rates at this meeting and will maintain the target range of the federal funds rate at 5% to 5.25%. Since the start of the rate hike cycle last year, the Federal Reserve has raised interest rates 10 times in a row, with a cumulative increase of 500 basis points. The federal benchmark interest rate has also risen from 0%-0.25% to 5%-5.25%.
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