The Federal Reserve left interest rates unchanged, here's what may happen next.
U.S. stocks fell across the board, led by a 1% drop in the tech-heavy Nasdaq Composite, after Federal Reserve Chairman Jerome Powell signaled inflation remains a headwind and more rate hikes may be necessary.
"We're prepared to raise rates further, if appropriate, and we intend to hold policy at a restrictive level until we're confident that inflation is moving down sustainably toward our objective in determining the extent of additional policy firming that may be appropriate to return inflation to 2% over time" he said during his press conference.
Policymakers kept rates unchanged at the September meeting in a range of 5.25%-5.5%.
The Federal Reserve is widely expected to keep rates unchanged but its unlikely to help the U.S. consumer dealing with sky-high borrowing costs.
{{#rendered}}Fed watchers are most interested in what policymakers disclose about future rate hikes as well as their fresh economic projections for the U.S. economy.
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