Fed leaves rates unchanged

On alert: A press conference by Powell is displayed on the floor at the New York Stock Exchange. Powell says officials are prepared to raise rates further if appropriate. — AP

WASHINGTON: The Federal Reserve (Fed) left its benchmark interest rate unchanged while signalling borrowing costs will likely stay higher for longer after one more hike this year.

The US central bank’s policy-setting Federal Open Market Committee (FOMC), in a post-meeting statement published Wednesday in Washington, repeated language saying officials will determine the “extent of additional policy firming that may be appropriate.”