Photo: Jerome Powell. Photographer: Al Drago/Bloomberg. Jerome Powell. Photographer: Al Drago/Bloomberg.

The Federal Reserve signaled fresh concerns about inflation, while indicating it was likely to keep borrowing costs elevated for longer rather than raising them again. Officials unanimously decided today to leave the target range for the benchmark federal funds rate at 5.25 percent to 5.5 percent—where it's been since July—following a slew of data that pointed to lingering price pressures in the U.S. economy. They also reaffirmed the need for more evidence that price gains are cooling before cutting interest rates from a two-decade high.

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