The Fed’s Path Ahead is MurkyHere Are 3 Things Chair Jerome Powell Is Certain About [Video]

The Federal Reserve’s policy committee decided to keep the influential fed funds rate at a 23-year high Wednesday as officials at the central bank seek more evidence that inflation is under control before embarking on rate cuts that have been eagerly anticipated by investors and consumers alike.

Previously, officials at the Fed thought they could let up on rates that are putting the housing market in a gridlock and making it more expensive to borrow money to buy cars and other large purchases. However, stubborn price growth has reignited, and in reaction, Fed officials have said in recent weeks that rates need to stay higher for longer—without specifying a timeline.

“The Committee does not expect it will be appropriate to reduce the target range until it has gained greater confidence that inflation is moving sustainably toward 2%,” officials said in a statement Wednesday after their latest policy meeting concluded.

Chair Jerome Powell further elaborated on the economic and interest rate outlook …