US Federal Reserve leaves rates on hold for fourth straight meeting

The US Federal Reserve has left its official cash rate on hold for the fourth straight meeting. The country’s central bank decided to keep rates at its 22-year high between 5.25 and 5.5 per cent. There was speculation they may cut rates after an easing of inflation to 3.4 per cent. However, Federal Reserve Chairman Jerome Powell says it would be premature before inflation drops to its two per cent target range. Powell said he wanted to see “more good data” before rates were cut.