Fed holds rates steady, drops language about inflation progress

Wed, Jan 29, 2025, 12:06 PM

The Federal Reserve has kept its fed funds target rate in a range of 4.25% to 4.5%. In its statement, the Federal Open Market Committee states, "The unemployment rate has stabilized at a low level in recent months, and labor market conditions remain solid. Inflation remains somewhat elevated." The committee, noticeably, removed language about inflation making progress toward its 2% goal.

Yahoo Finance Fed Reporter Jennifer Schonberger reports the breaking details.

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This post was written by Stephanie Mikulich.