▲ U.S. Federal Reserve Chair Jerome Powell delivers remarks during a press conference in Washington on June 12, 2024 in this photo released by Reuters. (Yonhap)

FOMC-benchmark rate

Fed freezes key interest rate for 8th straight time amid rate cut prospects

By Song Sang-ho

WASHINGTON, July 31 (Yonhap) -- The U.S. Federal Reserve on Wednesday held its benchmark lending rate steady for an eighth consecutive time amid expectations that it could lower the rate as early as September in line with progress in its fight against inflation.

After the two-day Federal Open Market Committee (FOMC) meeting, the central bank announced the decision to maintain the rate in the 5.25 to 5.50 percent range, a 23-year high.

The U.S. key rate has remained unchanged since a quarter percentage point increase to the current level in July last year. Before the freeze, the Fed carried out an aggressive rate-hiking campaign launched in March 2022 to bring down inflation.

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