Fed hints U.S. rates to stay high longer as inflation remains sticky

The U.S. Federal Reserve on Wednesday held its benchmark interest rate steady at a 23-year high of 5.25-5.50 percent due to recent stubborn inflation, hinting that borrowing costs will remain at about the same level for a longer period.The rate-setting Federal Open Market Committee said in a unanimously approved statement following a two-day policy meeting, "In recent months, there has been a lack of further progress" on containing price increases.The committee reiterated it "does not expect it will be appropriate to reduce the target range until it has gained greater confidence that inflat…READ FULL ARTICLE