Federal Reserve Board made clear it isn’t moving interest rates until the impact of a major emerging economic shock is known.

The Fed kept its key rate unchanged for the fourth straight meeting Wednesday, and said the economy is expanding at “a solid pace."

At 4.3%, the Fed's benchmark interest rate remains markedly higher than it was between 2008 and 2022, when the bank started to hike rates in response to rising prices. But it is roughly a percentage point lower than where it stood last year.