Fed keeps key rate steady, signals cutting cycle will not begin soon

The U.S. Federal Reserve on Wednesday left its benchmark interest rate unchanged at a 23-year high of 5.25-5.50 percent, citing economic growth, while also suggesting that an anticipated cycle of cutting borrowing costs is not likely to begin soon.The Fed's fourth consecutive decision to maintain the target range for the federal funds rate as widely expected came as officials, economists and investors have turned their attention to when the U.S. central bank might embark on a cutting cycle. The rate-setting Federal Open Market Committee said in a statement with marked changes from past phr…READ FULL ARTICLE