The daily business briefing: November 2, 2023

The Federal Reserve holds interest rates steady, Toyota raises pay, and more

Federal Reserve keeps interest rates steady
Federal Reserve keeps interest rates steady
(Image credit: Al Drago / Bloomberg via Getty Images)

1. Fed leaves interest rates unchanged

The Federal Reserve on Wednesday held interest rates unchanged for the second straight meeting, but indicated it was open to another hike in December. The central bank has raised rates from near-zero in March 2022 to a 5.25%-5.5% range since July, aiming to slow the economy to cool demand and discourage companies from raising prices. The economy has remained stronger than expected. Inflation has come down significantly from a peak of more than 7% last year, measuring 3.4% on an annual basis in September. Fed Chair Jerome Powell said after a two-day policy meeting that Fed leaders are "proceeding carefully" given "the uncertainties and risks that we face." The New York Times

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Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.