The Federal Open Markets Committee (FOMC) held its short-term policy interest rate steady at a range of 5.25% to 5.5% at its last meeting of the year on Wednesday. It was the fourth pause recorded in 2023. 

Investors will parse Jerome Powell’s press conference this afternoon for clues about when and why the central bank might change its policy stance next year.

In 2023, the Fed hiked the benchmark federal funds rate by a quarter-point at four meetings, most recently in July.

Financial conditions have eased since the last FOMC meeting on Nov. 1. The details ⇒

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