Fed leaves US rates unchanged but ‘long way to go’ in inflation battle

Central bank maintains benchmark federal funds rate but chair Jerome Powell leaves door open to further increases

The US Federal Reserve left interest rates unchanged at a 22-year high on Wednesday as inflation continues to fade from its highest level in a generation.

Jerome Powell, its chairman, cautioned that the Fed's campaign to bring down price growth has a long way to go" as it left the door open to further rate hikes.