Fed puts off interest rate hike

The U.S. Federal Reserve elected to not hike interest rates at the moment, it revealed in a statement Wednesday.

However, the Fed did note it expects to hike interest rates at least one more time before the end of the year.

Likewise, the Fed said it would likely implement fewer cuts than initially estimated in the next year.

If the anticipated hike comes to pass, it would be the 12th time the Fed has raised interest rates since March 2022.