BUSINESS + ECONOMY

The Fed hits pause on interest rate hikes while it reviews more data

Sep 20, 2023, 12:10 PM | Updated: 12:15 pm

the fed hq...

The Federal Reserve Headquarters are pictured on March 21, 2023 in Washington, DC. The Federal Reserve is expected to hold its benchmark lending rate steady at the conclusion of its September policy on September 20. (Kevin Dietsch/Getty Images/FILE)

(Kevin Dietsch/Getty Images/FILE)

Washington, DC (CNN) — The Federal Reserve said Wednesday it will pause its rate hikes, keeping its benchmark lending rate at a 22-year high.

The move was widely expected, after the central bank signaled in recent weeks that it intended to wait for more data to understand how previous rate hikes are affecting the US economy.

Since March 2022, the Fed has lifted interest rates 11 times and held them steady twice, including September’s pause.

This story is developing and will be updated.

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The Fed hits pause on interest rate hikes while it reviews more data