Despite Oil’s Rally, Fed Holds Off On Rate Hike

The U.S. Federal Reserve on Wednesday decided to hold interest rates steady for September, indicating next year may see fewer rate cuts that analysts had earlier anticipated. Still, amid inflation that remains elevated despite a fairly strong economy, the Fed has signaled there may be another rate hike later this year. Wednesday decision means the benchmark short-term interest rate will remain at 5.25% to 5.5%, a 22-year high. This is only the second time since March 2022 that the Fed meetings have concluded without another rate…