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US Stocks finish mixed after Fed holds rate steady
The central bank voted to keep its benchmark interest rate in a range of 5.25%-5.50%, a 23-year high, at the conclusion of its two-day policy meeting. The fed funds rate has been in this range since July 2023. In a policy statement, Fed officials said, "In recent months, there has been a lack of further progress towards the committees 2% inflation objective." Officials reiterated more clarity in the outlook for inflation returning to target will be needed before cutting rates.