The Federal Reserve held its ground on interest rates, keeping its benchmark short-term borrowing rate between 5.25%-5.50% as stubborn inflation persists.

The federal funds rate has been at that level since July 2023, when the Fed last hiked and took the range to its highest level in more than two decades.

With its decision to hold the line, the committee in its post-meeting statement noted a “lack of further progress” in getting inflation back down to its 2% target.

We’ll break down exactly what that means for markets and your money, right up until Fed Chair Powell’s press conference.