The Federal Reserve announced on Thursday that it will once again hold interest rates steady, stating that it will maintain the target range for the federal funds rate between 5.25% and 5.5%. The Fed made a similar decision in September, pausing its run of hikes aimed at curbing rising inflation that began in March 2022.

In July, the Fed raised interest rates to their current range, marking its fourth such move of 2023 and 11^th since March 2022.

In its latest announcement, the Fed wrote that “recent indicators suggest that economic activity expanded at a strong pace in the third quarter.” However, the Fed still admitted that “inflation remains elevated.”