A committee of Federal Reserve officials voted Wednesday to keep interest rates at a 22-year high after unexpectedly high job gains and inflation delayed likely plans for rate cuts.
The Federal Open Market Committee (FOMC), the panel of Fed officials responsible for setting borrowing costs, voted to keep its baseline interest rate at the range of 5.25 to 5.5 percent set last June. The FOMC voted unanimously to hold rates steady.
“We believe that our policy r...