Federal Reserve Declines to Cut Rates Yet Again as Americans Wait for Relief

The Federal Reserve announced on Wednesday that it will not yet cut its benchmark federal funds rate in what is predicted to be the last in a streak of pauses as inflation and debt continues to cripple Americans.

The Fed’s decision not to change interest rates keeps the target in a range of 5.25% to 5.50% and marks the eighth meeting in a row where the Fed chose not to adjust the rate, according to an announcement from the Fed following a meeting by the Federal Open Market Committee (FOMC). The July decision marks the last pause before the Fed is widely expected to cut rates from their 23-year high at the FOMC’s September meeting as the economy eases and inflation is expected to trend slowly toward the Fed’s target.