Fed keeps interest rates steady but leaves door open to another hike

Wall Street Journal reports that the Federal Reserve will keep interest rates unchanged at a 22-year high, but there is still a possibility of further rate hikes to continue to slow down inflation. In the FOMC statement, officials noted strong recent economic activity and emphasized the potential pressure on economic activity from rising long-term interest rates. The major issue facing the Federal Reserve is focused on officials' expectations for the economy and how they can come to conclusions about whether they are moving in the right or wrong direction. Continued slowing of inflation may allow officials to maintain interest rates, while any acceleration in price pressures could lead to further rate hikes.