Fed keeps key rate steady but notes rising inflation

The Federal Reserve kept its benchmark interest rate unchanged Wednesday but noted inflation is nearing the Fed’s 2 percent target rate after years of remaining undesirably low.
The Fed ended its latest policy meeting by leaving its key short-term rate unchanged at 1.5 percent to 1.75 percent, the level it set in March after its sixth rate increase since December 2015. The Fed is gradually tightening credit to control inflation against the backdrop of a tight job market, a resilient econom