U.S. Federal Reserve leaves interest rates unchanged

The Federal Reserve held interest rates steady at a 22-year high․

The central bank maintained the range for its benchmark interest rate at 5.25%-5.5%, but held projections for interest rates to finish the year in a range of 5.5%-5.75%, implying one more rate hike this year to bring inflation back to its 2% target.

Bond yields jumped after the release of the latest Fed projections and policy statement, with the 2-year Treasury note at a roughly 17-year high near 5.2%. Major U.S. stock indices fell.