"Federal Reserve Holds Steady on Interest Rates, Signals No Immediate Cuts"

The Federal Reserve indicated it is done raising interest rates but not ready to start cutting, removing language about raising rates until inflation is under control and outlining factors for potential adjustments. The statement emphasized the need for greater confidence in inflation moving toward 2%, with economic growth remaining solid and inflation risks being closely monitored. The Fed's decision to hold rates steady comes amid decelerating inflation, a strong labor market, and solid economic growth, with markets awaiting Fed Chair Jerome Powell's news conference for more clues on monetary policy. Additionally, separate reports indicated a softening labor market and subdued wage growth, while the Fed also announced changes to its investment policy for high-ranking officials and staff following controversy over trading activities during the early days of the Covid pandemic.