The Federal Reserve just completed a two-day meeting, announcing on Wednesday that U.S. interest rates will stay unchanged -- at least for now.

Via @Bloomberg — Fed keeps rates unchanged.

consumer price index will fall to 2.7% pic.twitter.com/Q7fhZAvcIc

— Bridget Willard (@BridgetMWillard) September 20, 2023

Earlier on Wednesday, my colleague at sister site Townhall, Spencer Brown, wrote:

The Federal Reserve announced on Wednesday that it was again hitting "pause" on its aggressive interest rate hikes and keeping the target rate between 5.25 percent to 5.5 percent after the most recent meeting of the Federal Open Market Committee (FOMC).

In the post-meeting statement announcing the decision to keep interest rates at their previously decided level, the Fed event admitted that "[i]Inflation remains elevated."

Here's how the FOMC justified its decision:

The U.S. banking system is sound and resilient. Tighter credit conditions for households and businesses are likely to weigh on economic activity, hiring, and inflation. The extent of these effects remains uncertain. The Committee remains highly attentive to inflation risks.

The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. In support of these goals, the Committee decided to maintain the target range for the federal funds rate at 5-1/4 to 5-1/2 percent. The Committee will continue to assess additional information and its implications for monetary policy. In determining the extent of additional policy firming that may be appropriate to return inflation to 2 percent over time, the Committee will take into account the cumulative tightening of monetary policy, the lags with which monetary policy affects economic activity and inflation, and economic and financial developments. In addition, the Committee will continue reducing its holdings of Treasury securities and agency debt and agency mortgage-backed securities, as described in its previously announced plans. The Committee is strongly committed to returning inflation to its 2 percent objective.

In assessing the appropriate stance of monetary policy, the Committee will continue to monitor the implications of incoming information for the economic outlook. The Committee would be prepared to adjust the stance of monetary policy as appropriate if risks emerge that could impede the attainment of the Committee's goals. The Committee's assessments will take into account a wide range of information, including readings on labor market conditions, inflation pressures and inflation expectations, and financial and international developments.

Economists feel that there's more than a hint that the Fed will seek to raise the rate sooner rather than later -- at their next meeting in November. As the statement said, they hope to get inflation back down to two percent. In an emailed comment to CBS News, Joseph R. Gaffoglio, president of Mutual of America Capital Management, said:

[W]e believe that a rate hike on November 1 is likely unless the inflation data weakens materially between now and then, which we do not expect.

When we hear more about where our economy might be heading, we'll bring you an update.