US Fed pauses rate hikes after 10 straight increases

WASHINGTON: The US Federal Reserve voted Wednesday to pause its aggressive campaign of interest rate hikes despite "elevated" inflation, while indicating a sharp increase could be needed before the end of the year.
After 10 straight increases, the Fed's rate-setting committee voted to hold its benchmark lending rate between 5.0 percent and 5.25 percent, the central bank said in a statement. It added that doing so allows policymakers "to assess additional information and its implications for monetary policy."