The Federal Reserve is aiming to bring down inflation while averting a recession.
The move made by the central bank on Wednesday will help determine whether price increases resume their slowdown and the economy sails past a recession, or if instead stubbornly high inflation lingers and the risk of a downturn deepens.
"The Fed wants to get more information to calibrate when exactly they want to stop raising rates," William English, a professor of finance at Yale University and a former Fed official, told ABC News. "There's a lot of uncertainty." Inflation stands well below its peak last year of over 9% but remains more than a percentage point higher than the Federal Reserve's target rate.
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