URGENT: Fed keeps key interest rate intact after 10 consecutive hikes

The U.S. Federal Reserve on Wednesday left its benchmark interest rate unchanged for the first time since early 2022 amid signs that decades-high inflation may be easing.

Upon concluding a meeting of the policy-setting Federal Open Market Committee, it said the federal funds rate, which banks charge each other for overnight borrowing, will stay at 5 to 5.25 percent, pausing after 10 consecutive hikes dating back to March 2022.