"Federal Reserve maintains rates, Powell hints at December decision; GBP/USD surges on BoE high rates and U.S. job slowdown"

The Federal Reserve has decided to leave interest rates unchanged for the second consecutive time, with the target rate remaining at a range of 5.25% to 5.5%. Fed Chair Jerome Powell stated that the strength of consumer and small business finances may have been underestimated, but taming inflation will likely require a slowdown in growth and a dampening in the labor market. Powell also emphasized that the Fed has not made any decisions about future meetings and that the central bank is not currently considering rate cuts. The Fed's next meeting is scheduled for December 12-13.